Keady wrote: Once we review the budget, we must decide as a community:
...Are we willing to pay 5% more in taxes to cover the costs of what
is being proposed by our City Departments?
...If we are not willing to pay 5% more, is there a way to generate
revenue from other sources to cover the increase?
Me: Yes, take a look at how some residential and commercial
properties are assessed.
Me: Yes, take a good hard look at tax-exempt properties and challenge
the questionable one(s).
Me: Yes, Make sure inspections are done asap to move tenants into the
redevelopment zone and elsewhere in the city.
....5% means "only" $180 per year for a home assessed at $150,000.
Try a revalue of properties and reasses:
1) You have around 3900 properties in the systems as per M County
2) You have a majority of those properties assessed at less then
$150,000 (around 3250 proeprties).
3) You have ONLY 629 +/- assesed OVER $150,000
4) Out of those, only 115 are assessed OVER $500,000, many of which
are tax exempt....
THEN:
1) A homeowner assessed at 158,800 pays $6864 in taxes (4.34%)
2) A new condo owner on the Ocean pays (based on $655,000 sale price)
pays roughly 1.3% on their purchase. ($8400)
3) Question: Would the 5% INCREASE impact the redevelopment zone? Or
does that get abated.
4) When does AP get revalued?
If you need more questions....
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