City Council committee recommends new tax rate

A City Coun­cil com­mit­tee last week re­com­men­ded a tax rate of $1,340 per $100,000 of as­sessed prop­erty value, just a bit high­er than the $1,324 per $100,000 rate re­com­men­ded earli­er by May­or Mi­chael Nut­ter.

The Com­mit­tee of the Whole on June 5 also pushed for a $30,000 homestead ex­emp­tion. The may­or, when he pro­posed his 2014 budget in March, asked for a $15,000 ex­emp­tion.

The tax rate and the ex­emp­tion fig­ure must be voted on by Coun­cil be­fore the fisc­al year ends on June 30.

If the Com­mit­tee of the Whole’s num­bers are ap­proved and not ve­toed by the may­or, a homeown­er could de­duct $30,000 from his or her new as­sess­ment num­ber be­fore us­ing the tax rate to fig­ure out 2014 prop­erty taxes. For a house as­sessed at $130,000, the own­er would sub­tract $30,000, which means the rate would be ap­plied to a prop­erty value of $100,000. The homeown­er would pay $1,324 in prop­erty taxes.

Homeown­ers who live in their prop­er­ties are eli­gible to ap­ply for the Homestead Ex­emp­tion.

On June 6, Coun­cil took a fi­nal vote on a bill that will make it easi­er for de­lin­quent tax­pay­ers who want to pay up to get cur­rent with the city. The un­an­im­ously passed meas­ure re­quires in­come-based re­pay­ment op­tions to be made avail­able to city homeown­ers in a con­sist­ent man­ner. It also calls for spe­cif­ic no­tices to be sent to own­ers who face fore­clos­ure after they had op­por­tun­it­ies to get as­sist­ance and get in­to pay­ment agree­ments. The bill also stip­u­lates the city will fore­close after one full year of de­lin­quency.

Also last week, Coun­cil passed a bill that makes it easi­er for in­come-eli­gible seni­or cit­izens to keep their taxes “frozen” at a lower rate if the city’s Ac­tu­al Value Ini­ti­at­ive brings down their 2014 taxes. 

The meas­ure, which also auto­mat­ic­ally signs up a “seni­or freeze” for a homestead ex­emp­tion, is an amend­ment to ex­ist­ing le­gis­la­tion that al­lows seni­or cit­izens ex­emp­tions from fur­ther prop­erty tax in­crease. ••

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