@charlesvillage.info
*Sent:* Saturday, July 9, 2011 1:31 PM
*Subject:* Re: [Chat] prop tax
i appreciate everyone's response. However I still don't get it. It
sounds as if I am still paying the tax for last years assessment and
then some. 3 years ago my assessment was 116k. It went up to 133k. Now
thanks Steve. What is the homestead tax credit based on? Not % but the
original figure used as the base?
On 07/09/2011 03:52 PM, Stephen J Gewirtz wrote:
Judy,
Think of it this way: Three years ago, thanks to the homestead tax
credit, my tax was about $2000. And over the following three
Judy,
In a nutshell, the homestead tax credit says that your effective
assessment, for City tax purposes cannot go up by more than 4% from one
year to the next. In other words, if you had a low assessment a few
years ago, then no matter how much your actual assessment goes up when
your
Right, but because of the tax credit you were probably never paying the full
tax on that 116k. That's the credit part.
jf
On Jul 9, 2011, at 1:31 PM, jberlin jdy...@verizon.net wrote:
i appreciate everyone's response. However I still don't get it. It sounds as
if I am still paying the tax
Judy,
Think of it this way: Three years ago, thanks to the homestead tax
credit, my tax was about $2000. And over the following three years, it
went up by about $100 per year, so this year it is about $2300.
Without the homestead tax credit, my tax last year would have been about
$6000.
Have many people received property tax bills higher than last year
even with the lower property assessment?
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Joshua is right about how the taxes work. Under the homestead tax law,
if your home is owned by you and is your principal residence, your
effective assessment (what you actually pay taxes on) can go up by no
more than 10% per year compounded. The 10% figure is used for state tax
purposes
