how depressing. seems like the name is a bit of a misnomer. credit=
more money for me, not less.
On 07/08/2011 02:13 PM, Joshua Fruhlinger wrote:
If you're getting a homestead tax credit, your tax can only go up a little bit
every year (I think 3 percent) as long as you stay in your home. But it will
go up that amount until it hits the amount you'd pay without the credit. After
the housing bubble in the mid-'00s a lot of property's assessed values went up
so fast that people with the tax credit never caught up.
For instance:
Say in 2006 the assessment of your house doubled from 100K to 200K. Your
theoretical tax would go from $2,268 to $4,356. But because of the homestead
tax credit, your actual tax can't go up more than 3 percent a year. So in 2006
you'd owe $2,336, in '08 $2,406, and in '09 $2,478.
Then in 2009 they reassess your value down, from 200K to 150K. Now your
theoretical tax drops from $4,356 to $3,402. But because of the homestead tax,
you aren't paying anywhere near even that reduced amount. So the tax you
actually pay in practice in 2010 is still a three precent increase -- $2,552.
Your actual tax bill would only go down if your house lost a lot more value --
if it were assessed at less than $112,500 or so, with these numbers.
jf
On Jul 8, 2011, at 1:59 PM, jberlin wrote:
Have many people received property tax bills higher than last year even with
the lower property assessment?
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