Property Tax Matters
The Reporter contained an important typographical error in my recent article (‘Time to Stop Bleeding Homeowners’ ) regarding residential property taxes and the amount of savings to be gained from placing a limit on property assessments. The amount a homeowner could pay under limited assessments was erroneously cited as $60., instead of the correct amount of $600.00. The original reading is:If the assessment limit provision had been enacted in 1980 the property taxes on a home purchased that year for, say, $100,000. and still under the same ownership today would be valued for tax purposes at that 1980 purchase price, not the more likely current price of $500,000. The 2004 real property taxes would be only a fifth or less of what they are today. Instead of a possible $3000. tax bill a homeowner would pay closer to $600. this year. This is a significant savings for most property homeowners.
By request, Sen. Hart and Rep. St. Fleur have filed my bill to address this crisis of rising property taxes. ‘Legislation to Limit Residential Property Tax’ (Sen. # 1246 and House #2020) as currently written will roll back and fix property taxes at the 1999-2000 assessed value until there is a change of ownership in a residential property. The bill will immediately lower property taxes and promote community stability. State legislators and city officials will help homeowners and renters see immediate relief on their property taxes in 2005 by supporting early passage of this needed bill.