Property tax – Eshcinsel http://eshcinsel.net/ Tue, 22 Nov 2022 16:58:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://eshcinsel.net/wp-content/uploads/2021/10/icon-41-120x120.png Property tax – Eshcinsel http://eshcinsel.net/ 32 32 Readers react to property tax relief for owners of vacant properties https://eshcinsel.net/readers-react-to-property-tax-relief-for-owners-of-vacant-properties/ Mon, 21 Nov 2022 01:58:00 +0000 https://eshcinsel.net/readers-react-to-property-tax-relief-for-owners-of-vacant-properties/ Our latest installment in the “Chasing Ghosts” series on vacant properties examined an abandoned car wash on Northeast Boulevard Martin Luther King Jr. (“It’s a wash” WWNovember 9). The developer, California wood heir George Schmidbauer, pays no taxes on the land. He receives the exemption because he promises to build affordable housing on the land, […]]]>

Our latest installment in the “Chasing Ghosts” series on vacant properties examined an abandoned car wash on Northeast Boulevard Martin Luther King Jr. (“It’s a wash” WWNovember 9). The developer, California wood heir George Schmidbauer, pays no taxes on the land. He receives the exemption because he promises to build affordable housing on the land, as do the owners of 717 other properties enjoying the same vacation. Currently, the land is home to campers who have erected tents inside the car wash. Here’s what our readers had to say:

xlator1962, via Reddit: “I could be fine with the property tax exemption if the landlord were forced to drive past the site every day, as I am. It’s a shame.”

via wweek.com: “I don’t understand why, to incentivize results, taxes are not collected and then refunded when the project is completed.”

Dr, in response: “Or maybe taxing the value of the land instead of the structures – that would be an incentive for people not to sit in vacant/rundown properties. This would prevent people from owning idle city properties as long-term investments and using them instead. Check out land value tax and Georgianism – it’s an economic theory with a lot of crazy followers, but it actually makes sense.

Middle County, via wweek.com: “This property tax exemption aims to encourage developers to build more social housing. Recognizing that after the purchase of the site, it takes time to obtain financing and grants to build, property taxes are waived. If the developer goes back on his promise and instead builds market value housing, he in turn will owe a property tax on the site dating back to when the exemption was first granted.

“If they pursue but are unable to secure funding and grants to build low-income housing and then choose to sell the site to another developer, they should not owe property tax. Why? Because they kept their part of the exemption until it became impossible to sue and build.

“The quoted statements of Schmidbauer show that he masters these concepts perfectly. [Reporter] Sophia [Peel], however, infers (inadvertently I hope) some sort of wrongdoing. In the hot housing market that is Portland (for whatever reason), sensible incentives like this tax holiday are needed to encourage the construction of low-income housing.

Christy Corbett, via Facebook: “Have to love that when you google the guy, one thing that pops up is that his group has applied for an exemption from the current wage law for the project. Rich people are really trying to hang on to that money.

@happyhumans, via Twitter: “Tents are accommodations. And fuck your desire for development. People are just cool and live their lives in this terrible world. Are you going after the Overlook Park one next?

heap50, via Reddit: “I still have a big stack of tokens from this place. Maybe I can get a refund on those if I promise to build affordable housing or something.

LETTERS to the editor should include the author’s address and phone number for verification. Letters must be 250 words or less. Send to: PO Box 10770, Portland OR, 97296 Email: mzusman@wweek.com

]]>
The season is approaching to review your property tax bill | Guest columns https://eshcinsel.net/the-season-is-approaching-to-review-your-property-tax-bill-guest-columns/ Thu, 17 Nov 2022 23:00:00 +0000 https://eshcinsel.net/the-season-is-approaching-to-review-your-property-tax-bill-guest-columns/ In the coming weeks, property owners across Ohio will receive their property tax bills for the 2022 tax year (due January 2023). Given current economic conditions, a review of tax obligations, whether for your home or investment property, is more important than ever. Property taxes in Ohio, called ad valorem taxes, are levied on property […]]]>

In the coming weeks, property owners across Ohio will receive their property tax bills for the 2022 tax year (due January 2023). Given current economic conditions, a review of tax obligations, whether for your home or investment property, is more important than ever.

Property taxes in Ohio, called ad valorem taxes, are levied on property based on the value assigned to the property by the county auditor/tax agent in which the property is located. Simply put, the higher the county assessment, the higher the tax liability, and vice versa. For example, a commercial building in Solon valued at $2 million will receive a tax bill of $63,000 compared to a tax liability of $48,000 if that same building was valued at $1.5 million. Similarly, a house in Moreland Hills valued at $1 million will owe $29,000 in property taxes, compared to a tax bill of $22,000 if that same house was valued at $750,000. Therefore, a review of the value assigned to your property is essential.

Under Ohio law, county auditors or tax officials, “from the best available sources of information,” are required to reassess property values ​​every six years and update those values ​​every six years. the three years in between. Usually, a recent arm’s length sale of the property provides the appraiser with the best proof of value, but this type of proof is often not available. Therefore, appraisers can rely on market data and sales reports for residential properties, as well as income/expense data for commercial properties to derive values.

County assessors face the difficult task of accurately assigning values ​​to every parcel of land within their jurisdiction. Unfortunately, ratings are not always accurate. In cases where the county overvalues ​​a property, the financial impact can be devastating. For a commercial property owner, the tax increase has a negative impact on profit margins. For an owner, an excessive tax burden can have a negative impact on his vital budget.

If you determine that the county assigned an unreasonably high value to your property, resulting in an unfair tax liability, Ohio law provides the taxpayer with the opportunity to dispute the assessment. To initiate the process, a formal written complaint must be filed with the county. The deadline to file the complaint is March 31, 2023. Once the complaint is filed, the Local Review Board will schedule the complaint for a hearing at which evidence supporting the lower value may be submitted. Generally, an independent appraisal is the best form of proof.

Importantly, the Ohio Supreme Court has ruled in certain circumstances that it is an unauthorized practice of law for a non-lawyer to prepare and file a tax complaint. Therefore, caution requires contacting an attorney before beginning the process.


Kip Danzinger is a partner and co-chairman of Sleggs, Danzinger & Gill Co. LPA in Cleveland.

Content provided by advertising partner

]]>
Property tax: the LHC summons the president of the FBR, secy by right https://eshcinsel.net/property-tax-the-lhc-summons-the-president-of-the-fbr-secy-by-right/ Wed, 16 Nov 2022 00:50:22 +0000 https://eshcinsel.net/property-tax-the-lhc-summons-the-president-of-the-fbr-secy-by-right/ ISLAMABAD: The Lahore High Court (LHC) has ordered the Chairman of the Federal Board of Revenue (FBR) and the Federal Secretary of the Ministry of Law and Justice to appear before it tomorrow (17-11-2022) to address the difficulties and assisting the Court on the rationale for the omission of Section 7 of the Finance Act […]]]>

ISLAMABAD: The Lahore High Court (LHC) has ordered the Chairman of the Federal Board of Revenue (FBR) and the Federal Secretary of the Ministry of Law and Justice to appear before it tomorrow (17-11-2022) to address the difficulties and assisting the Court on the rationale for the omission of Section 7 of the Finance Act 1989, after the 18th Amendment and the taxation of immovable property as deemed income, and entry 47, at place of entry 50 of the 4th schedule of the Constitution.

Judge Shahid Jamil Khan, who heard the case, noted that the Wealth Tax Act 1963, which determined the legislative jurisdiction of entry 50, had been repealed earlier, without any apparent logic, where the tax criterion was the annual rental value, having a rational basis, while the fair market value is speculative.

The LHC Single Member Bench has adjourned the case for further argument on the matter and related petitions until today (16-11-2022). During the proceedings, Additional Attorney General Mirza Nasar Ahmed adopted the arguments of Khalid Ishaq, who appeared on behalf of the respondent/the FBR.

Without prejudice to the arguments on the side of the respondents, he argued that on reading section 7E, disregarding the phrase to presume income, the incidence of tax is the value of real property, that is i.e. five percent of the fair market value of the fixed assets.

Real estate tax: the FBR prescribes an appropriate form for taxpayers

He also referred to Khalid Ishaq’s arguments that jurisdiction can be derived from different entries and two different taxes can be imposed in one law. He further argued that, based on the interpretive principle that the Court should endeavor to save the legislation, the impugned provision can be read down to bring it into line with the jurisdiction available under the entry 50.

He reiterated that the actual incidence of taxation is five percent of the fair market value of the fixed assets and does not consider the income to arise from the jurisdiction of entry 47. He argued that jurisdiction is available in under entry 50, which allows taxation of the capital value of assets and term assets include real property.

The court recognized that by reading the determining sentence of paragraph (2) of Article 7E, the criterion for determining the value of an immovable property would be the market value, which is speculative in nature, in particular when the value of the assets as declared under section 116 by the taxpayer is accepted.

In the view of this Court, the statement under Section 116 becomes part of the deemed assessment order under Section 120. Justice Shahid said that if the AAG’s arguments are accepted, the court must, after reading the deeming provision, consider the conflict between Sections 116 and 7E.

The judge said the court was unconvinced by arguments that it was a procedural matter that could not be considered. If this Court tries to reconcile the two sections, the fair market value test being speculative and in conflict with the declaration accepted under section 116 will be an obstacle.

He further stated that if this Court ultimately attempted to reduce the number of clauses in Section 7E, it would amount to rewriting the impugned provision. Immovable property was taxed under Section 7 of the Finance Act 1989, which was included in fixed assets for tax purposes. The value of the real estate, as declared in the statement of assets under article 116, was accepted for taxation.

Thereupon, Tahir Mehmood Butt, counsel for the claimants, argued, without prejudice to the challenge of the vires, that the disputed Section 7E legislation is hastily and absent any property determination procedure real estate. He further stated that the link of the procedure was provided on 12-10-2022 and so far around 12,000 declarations have already been filed. He argued that there is still confusion regarding the levying of tax under the impugned provision.

Copyright Business Recorder, 2022

]]>
Missouri personal property tax bills on the way, likely higher than previous years https://eshcinsel.net/missouri-personal-property-tax-bills-on-the-way-likely-higher-than-previous-years/ Sat, 12 Nov 2022 23:50:29 +0000 https://eshcinsel.net/missouri-personal-property-tax-bills-on-the-way-likely-higher-than-previous-years/ ST. LOUIS – It’s that time of year again when property tax bills may soon start showing up in your mailboxes. A friendly warning to Missouri car owners, your bill could be more expensive than in years past. Missouri residents are required to pay personal property taxes to their local county assessor’s office each year […]]]>

ST. LOUIS – It’s that time of year again when property tax bills may soon start showing up in your mailboxes. A friendly warning to Missouri car owners, your bill could be more expensive than in years past.

Missouri residents are required to pay personal property taxes to their local county assessor’s office each year by December 1. This includes cars, boats, farm equipment and other miscellaneous assets.

According to the Missouri State Tax Commission, local assessors determine tax bills based on the estimated market value of the property. Counties may differ in assessment rates and tax rates, but the market value of assessed property is constant regardless of where personal property tax is collected.

In Missouri, cars are appraised based on the trade-in value published by the National Automobile Dealers’ Association (NADA) Official Used Car Guide in an October issue of the previous year. Thus, personal property taxes collected on cars are based on the NADA value of October 2021.

According to NADA Sales Forecast 2022“Through October 2021, the average used vehicle transaction price at franchise dealerships was $25,904, up 19.1% year-over-year.”

What does it mean?

Essentially, if your municipality hasn’t taken steps to reduce assessment or tax rates, your property tax bill could go up by about 20%.

How can you notice this on an invoice? For example, let’s use Tariffs of the city of Saint-Louis to calculate a difference.

Take a car that was worth $20,000 when the taxes were collected last year. If its value remained consistent with NADA averages, it would be worth around $24,000.

The city of St. Louis has an assessment rate of approximately 33.3% and a tax rate of 8.2%. Factor those two into the car’s assessed value, a bill that would have been around $540 last year would be worth nearly $650 this tax year.

The basic algorithm for calculating these taxes in your county:

Valued NADA value * percentage value of tax rate * percentage value of tax rates.

Why are the prices increasing?

NADA suggests that over the past year, at various stages of the COVID-19 pandemic, supply chain issues may have limited new vehicle inventory or the production of parts needed for those vehicles. For this reason, consumers who typically buy new cars have started exploring the used car market.

Ultimately, this created greater demand for used vehicles in the United States, thereby driving up prices.

“This discrepancy is likely due to increased spending by high-income households, with low- and middle-income households feeling the impact of inflation more directly,” NADA said in the 2022 sales forecast.

It looks like the value of used cars could increase further as we approach next year with the NADA estimate an average year-over-year increase in value of 7.2% through September 2022.

And now?

Rising personal property tax bills could mean increased revenue across the state, though some local assessors may be wary of the possible negative effects.

In September, St. Charles County Council passed a bill to lower various rates for taxpayers. St. Charles County Executive Steve Ehlmann said it was an attempt “to deny the burden on taxpayers caused by inflation.”

“The property tax the county collects for roads and emergency communications is important in supporting county infrastructure and public safety,” Ehlmann said. “We stand ready to maintain a trajectory of support and growth for these areas that will in no way be negatively impacted by our willful effort to eliminate the revenue windfall that will result if we take no action.”

Despite the change, this does not necessarily mean a decrease or stagnation of costs. Global rates for taxpayers are also taken into account in part by local municipalities in the county, such as St. Charles City or St. Peters.

According to a Missouri State Tax Commission 2019 Report on movable property, “tax rates set by local authorities are set each year within the limits set by the constitution and statutes. They are based on the income received from the previous year, with a margin for growth based on the rate of inflation.

Whether or not all of this means changes to your bill, all Missourians are required to pay their property tax and real estate bills by December 31 or postmark a mail-in payment by this deadline.

In some places you can pay your bill online. Here are some of those links:

For more information on Missouri personal property taxes, Click here.

]]>
Cook County property tax bills arrive after months of delay https://eshcinsel.net/cook-county-property-tax-bills-arrive-after-months-of-delay/ Thu, 10 Nov 2022 22:11:54 +0000 https://eshcinsel.net/cook-county-property-tax-bills-arrive-after-months-of-delay/ A months-long delay in mailing out Cook County property tax bills has been resolved: bills will go live on Tuesday, mailed by December 1, and due by December 30. Cook County Treasurer Maria Pappas, responsible for issuing invoices and collecting payments, told the Tribune that her team was running tests over the weekend to release […]]]>

A months-long delay in mailing out Cook County property tax bills has been resolved: bills will go live on Tuesday, mailed by December 1, and due by December 30.

Cook County Treasurer Maria Pappas, responsible for issuing invoices and collecting payments, told the Tribune that her team was running tests over the weekend to release invoices on Tuesday, “assuming it no problem,” or Wednesday.

“Everyone wants to know” what their bill will look like, Pappas said, especially commercial landlords who are worried about the city of Chicago’s first reassessment under assessor Fritz Kaegi.

Taxpayers will be able to download their bill to print and mail their payment, pay online at the Treasurer’s website, at Chase Bank branches or at the Downtown Treasurer’s Office.

Thursday’s announcement closes a chapter in the dispute between Kaegi, whose office assigns values ​​to every property in the county, and the Board of Review, which hears appeals to those assessments. The news also delivers on Cook County Council Chairman Toni Preckwinkle’s commitment to send out bills early enough for residents to count their payment on their 2022 tax returns.

In an emailed statement, Preckwinkle said she was “grateful” to the separate elected officials who worked to ensure the bills were due before the end of the year. His office has served for several months as an intermediary with the various officials responsible for sending out the invoices.

“My office remains committed to providing the resources and leadership necessary for the separately elected officials to fulfill their responsibilities to all residents of Cook County. … We will continue to provide this leadership to help ensure that every stakeholder in the property tax system is able to fulfill its duties to the citizens of Cook County in the future,” the Preckwinkle statement said.

Invoices are generally due before August 1st. But Preckwinkle suggested earlier this fall in an interview with the Chicago Tribune editorial board that the conditions that led to this year’s delay were not yet resolved and that the delays could continue for the “next two years.” .

Pappas was also frustrated with the delay, describing the situation in a WGN interview last month as a “fiasco” that “blocks all other agencies”.

The delays affect both landowners and tax agencies unable to pay for ongoing operations.

Sign up for The Spin to get the best political stories delivered to your inbox weekday afternoons.

To make sure that taxpayers could take full advantage of the federal, state and local deduction on their 2022 federal income taxes, Preckwinkle promised the bills would land before the end of the year. The deadline also created headaches for real estate agents trying to finalize home sales, who couldn’t estimate what the final bills might be — and therefore closing costs.

To help tax agencies such as cities and towns, libraries, schools and parks pay for operations during the delay, Preckwinkle has launched a $300 million bridging loan program for the most cash-strapped districts. county money. Interest-free loans would help pay for operations, thus sparing tax agencies from having to take out more costly loans in the market.

But only 49 tax bodies have filed a request for loans, asking just over $100 million. In the end, only 22 tax agencies received loans, totaling just over $39 million. Most were screened out due to ineligibility, a spokesperson for the county’s Office of Finance said.

The City of Chicago and its taxing agencies, including Chicago Public Schools, were not eligible for the program.

Kaegi and review board member Larry Rogers Jr. publicly disagree on the cause of the delays. Kaegi said the council failed to cooperate in filling a data gap during a technology upgrade to the appraiser’s outdated computer system. Rogers said Kaegi’s office should have used a parallel system with both new and old technology to avoid the snafu, and widely criticized his tenure as the ‘worst’ the 20 years he served on the board.

Democrats Preckwinkle, Pappas, Rogers and Kaegi all won re-election in Tuesday’s election. But two members of the Board of Review will be brand new: Chicago Ald. George Cardenas, who is resigning from the city council for the new post, and Samantha Steele. The two ran unopposed on Tuesday.

aquig@chicagotribune.com

]]>
Pritzker, Kaegi, Pappas re-elected and voters raise property tax https://eshcinsel.net/pritzker-kaegi-pappas-re-elected-and-voters-raise-property-tax/ Wed, 09 Nov 2022 16:38:00 +0000 https://eshcinsel.net/pritzker-kaegi-pappas-re-elected-and-voters-raise-property-tax/ Cook County Assessor Fritz Kaegi, Governor JB Pritzker and Cook County Treasurer Maria Pappas (Getty, Facebook) Voters in Illinois have indicated they are happy with the status quo, locking in three incumbents with influence over real estate policies on new terms on wins by wide margins. Specifically for real estate players, Cook County Assessor Fritz […]]]>

Cook County Assessor Fritz Kaegi, Governor JB Pritzker and Cook County Treasurer Maria Pappas (Getty, Facebook)

Voters in Illinois have indicated they are happy with the status quo, locking in three incumbents with influence over real estate policies on new terms on wins by wide margins.

Specifically for real estate players, Cook County Assessor Fritz Kaegi beat Libertarian challenger Nico Tsatsoulis with 82% of the vote, while Governor JB Pritzker won re-election against Republican Darren Bailey, the Chicago Sun-Times and Chicago Grandstand reported.

Pritzker’s first-term policies with real estate impacts have earned praise in some circles while angering some landlords, with mixed views over his handling of a moratorium on evictions and the payment of rent assistance during previous phases of the pandemic.

“I’m so excited to spend four more years as governor,” Pritzker said shortly after The Associated Press called the race with him leading Bailey 55% to 42%. Bailey, who was endorsed by former President Trump but avoided discussing him during his campaign, conceded about 90 minutes later.

Kaegi cruised to victory even easier last night as his Republican nominee, Todd Thielmann, was disqualified from voting in the June Democratic primary.

Kaegi took office in 2018 when he pledged to reform the office after eight years under former evaluator Joe Berrios, who was ousted, in part, because he failed to release data. Evaluation. Kaegi sought to undo what he saw as the Berrios administration’s overstatement of single-family homes in low-income neighborhoods by shifting more of the county property tax burden onto commercial actors.

The changes have led commercial property owners to rely more on winning calls for lower ratings from the review board, and frustrated multi-family and retail buyers who have locked in their transaction prices and mortgages at ratings that were previously lower.

Cook County Treasurer Maria Papas also won her re-election bid last night, securing a seat she has held since 1998. More recently, Pappas pointed to problems with the county’s property tax system, including loopholes that allowed some investors in delinquent taxes to walk out of deals through a system that cost some local governments millions of dollars.

Voters also approved a property tax hike to provide more funding to the Cook County Forest Preserve, which maintains open spaces and supports funding for cultural assets such as the Chicago Botanical Gardens and the Chicago Zoo. Brookfield. With the approved tax increase, the maximum tax extension the reserve can issue has increased from $85 million to approximately $127 million. He jacked up the Forest Reserve’s annual line item on homeowners’ tax bills to about $7.29 for every $100,000 of value.

—Victoria Pruitt

]]>
Revision of the property tax: for accountability and improved services https://eshcinsel.net/revision-of-the-property-tax-for-accountability-and-improved-services/ Sat, 05 Nov 2022 09:51:34 +0000 https://eshcinsel.net/revision-of-the-property-tax-for-accountability-and-improved-services/ Many support the government’s bold move to raise property tax Thukten Zangpo The road to Bje Bamo (Tshotsho Baykha) in the extended city of Thimphu is bad. It’s muddy in the summer and dusty these days. The owners, mostly new settlers, have recently approached the Thromde for help. The Thrompon got the same answer – […]]]>

Many support the government’s bold move to raise property tax

Thukten Zangpo

The road to Bje Bamo (Tshotsho Baykha) in the extended city of Thimphu is bad. It’s muddy in the summer and dusty these days. The owners, mostly new settlers, have recently approached the Thromde for help. The Thrompon got the same answer – “no budget”.

The road, the landlords said, devalues ​​their property because they cannot rent out their apartments or do not collect the expected rent. A paved road would save time, improve safety and income.

Thimphu Thrompon is running out of money, according to owners who approached Thrompon. If the Thromde had money, the road to Tshotsho Baykha is one of the priorities.

The thromde depends on the government budget for the maintenance of the capital. It can increase through fees and levies. Revising land taxation – built and land in the thromdes is a way to raise revenue. The thromde has no authority over taxes.

However, there is a ray of hope with the 2022 Property Tax Bill submitted to Parliament. What the bill proposes will be known when the Minister of Finance introduces the bill on November 7. The bill concerns money or financial matters and is confidential in nature.

It is expected that there will be a review of the property tax.

Property tax in the country had not been revised since 1992, which is based on the revised tax policy of 1992, although the value of property has increased over the years.

As per the policy, dry land in rural areas is still taxed at Nu 12 per acre and Nu 24 per acre for wet land. In urban areas like Thimphu, Phuentsholing and Samdrupjongkhar, the tariff is 25 Nu chetrum per square foot for residential areas and 50 Nu chetrum per square foot for commercial areas.

Speaking to Kuensel, Prime Minister Lyonchhen Dr Lotay Tshering said the current property tax system is not conducive and the review is timely and must be done now.

“The property tax in the capital, Thimphu, is the lowest in the world and the services are the worst in the world,” Lyonchhen said, adding that if the services are better, why not pay.

A bold decision

Taxation is a sensitive subject and few elected governments will take the risk of irritating their constituents. The government had since last year announced that it was working on a review of the property tax based on value.

However, according to the Lyonchhen, the proposal is not just to generate revenue for the government or thromdes. “It’s a tough decision, apparently unpopular, but the government is trying to balance what the nation demands and what the system demands as well as what the public demands.”

Asked why now, the premier surgeon said it was inherently the surgical training that made him make the decision. “We have to make bold decisions if we want to save a dying patient. We want to get the disease out as soon as possible,” he said, of the needed property tax reform.

Lyonchhen said the government is clear on the proposed bill. “It’s not just about generating revenue. It’s about fixing responsibility and making service providers accountable. Although the prime minister declined to elaborate saying the bill would soon be discussed, he hinted at why taxes should be reviewed to allow people to question and demand better services from the government.

Ratepayers, he suggested, might demand and wonder when basic services are not being provided or if facilities are not up to expectations. The idea is that taxpayers’ money is reinvested in improving services and holding elected leaders accountable.

Overhaul at what cost?

The proposal to revise the property tax has generated some debate among the urban population.

A landlord of two buildings and a civil servant said the property tax review is long overdue. “Given the development, progress and needs, it is high time to revise the property tax,” he said.

Knowing the policies and laws well, the owner said there is no property tax law. The current rate is based on an outdated policy – the Municipal Finance Policy, 1992, which is why many are in favor of a review.

However, he said the property tax review could lead to double taxation of property owners. “Those who own property, especially buildings, pay personal income tax and if they are not careful about how we levy property tax, it could be a burden on owners” , did he declare.

The tax review proposal in the property tax bill, while not shared with the public, will be value-based or ad valorem (depending on value). The concern of property owners is how the value of the property is assessed.

“How will the value of the property be assessed? What is the basis,” said one, adding that basing it on market value, for example the price of land, would be a mistake. “A land in Thimphu thromde could be sold for Nu 1 million (M) one decimal if the seller is desperate or Nu 2M if a buyer is desperate. Land values ​​differ from neighborhood to neighborhood.

Determining the value of the property would be the challenge and not the proposal to revise the property tax, many say. Today, all properties in the thromde, regardless of location (district), pay almost the same tax.

“There must be a difference in tax paid by an owner in UV1 (urban village 1 in the city center) and in zone E4 or UVMD (medium density urban village). It is not fair to impose the same rate on all owners of the thromdium,” said another.

This is because land value and use are also different. For example, the size of a plot in the E4 area is at least 25 decimal places and the owner can only build a three-storey building and use only 30% of his plot. In a UV2 district, the coverage is 40% and the owner could build a 5-storey building.

Kuensel has learned that the government is considering revising the Property Assessment and Valuation Agency (PAVA) rate.

Throdes and taxation

Gelephu Thrompon, Tshering Norbu said the property tax review would help the country’s treasury. “Thromde has to survive on the government budget with the meager income from tax collection. We struggle to be completely self-sufficient.

“The public wants good roads, water, sidewalks, drainage systems, electricity, when it comes to taxes they drag their feet,” he said. “The water bills are so low that we can’t even cover our daily maintenance costs.”

Tshering Norbu added that if the tax was increased, Thromdes could develop and provide better and improved infrastructure of roads, drainage and sewage system, street lights, water services to parks for community vitalities with better technologies.

“If there is a negligible increase in the tax, it would not change much. However, if the overhaul is important, we also need to look at the capacity of the owners since most of the owners depend on the exorbitant interest rate on the loans,” Tshering Norbu said.

He also said there were risks of costs being passed on to tenants, if building owners were heavily taxed.

A Taba tenant said he recently received his rent increase notice. The rent he was paying earlier, 9,500 Nu, was to increase to 11,500 Nu. “It is unreasonable for a landlord to raise the rent by 21% under the tenancy law.

Samdrupjongkhar Thrompon, Thinley Namgay supports the proposed revision. “It’s the right time, if not late.”

He said Samdrupjongkhar Thromde is different from other thromdes because most people are still engaged in herding and farming with land owning acres.

“To raise taxes, we have to provide services and develop the thromde,” he said.

Phuentsholing Thrompon, Uttar Kumar Rai said to meet people’s demands in the current environment, the current tax system from 1992 is not fair enough. “Three decades have passed, taxes have not increased but development costs have increased significantly beyond local government revenue generation,” he said, adding that Thromde was facing a severe shortage of funds.

He added that in order to meet the need for development cost and for sustainability purposes, fair means of taxation must be in place. “No better service or quality infrastructure comes without a good investment. The source of investments depends solely on local taxes.

An increase in taxation, said Uttar Kumar Rai, would help Throde develop infrastructure and provide better services. “Thromdium revenue collection is not sufficient to cover regular operating and maintenance costs.”

Revise the tax, say locals

Residents of urban areas feel that property taxes should be revised to improve services to the general population. The taxes property owners pay today are “peanuts” compared to the income they earn from their properties, a company employee said. “We will get what we pay in rents and other fees if the taxes are revised,” he said. “When they feel the pinch of the revised tax, they will demand the tromdes for services. Today we pay about Nu 300 per month in water bills, but we have to store water in drums and buckets. Parking is another headache.

The logic of a tax increase, many believe, is that taxpayers will demand better services. “The thromd will have income and the owners will hold the thromd or Thrompon responsible. They will have the right to question the poor service of roads, water and garbage,” said one tenant.

“We welcome the government’s decision to increase the property tax. I hope our wealthy parliamentarians will understand the logic.

]]>
Property tax rebate for low-income seniors 2022 https://eshcinsel.net/property-tax-rebate-for-low-income-seniors-2022/ Wed, 02 Nov 2022 21:35:35 +0000 https://eshcinsel.net/property-tax-rebate-for-low-income-seniors-2022/ The City of Burlington’s Low-Income Seniors Property Tax Rebate Program provides eligible seniors with a $550 rebate on their property taxes. To be eligible, you or your spouse must meet all of the following conditions: Be at least 65 years old on January 1, 2022 Be a beneficiary of the Guaranteed Income Supplement (in accordance […]]]>

The City of Burlington’s Low-Income Seniors Property Tax Rebate Program provides eligible seniors with a $550 rebate on their property taxes.

To be eligible, you or your spouse must meet all of the following conditions:

  • Be at least 65 years old on January 1, 2022
  • Be a beneficiary of the Guaranteed Income Supplement (in accordance with the Old Age Security Act)
  • Be the assessed owner as recorded on title and occupier of residential property in the City of Burlington for at least one year prior to application
  • Property taxes must be paid in full, excluding the applicable rebate

An application must be submitted each year.

Applicants are responsible for ensuring that applications are received by the City by December 31, 2022. The town hall will be closed from Monday December 26, 2022 to Monday January 3, 2023 inclusive. City Hall will reopen on Tuesday, January 4, 2023.

The City offers a secure and convenient online application form for property tax rebate for low-income seniors. A PDF is also available.

View the online application form

Applications can be submitted online, by email, by mail and in person at the Service Burlington counter on the third floor at 390 Brant Street, or at the drop box located just outside the main doors at 390 Bran.

Please send applications to:

The City of Burlington
426 Brant Street, PO Box 5080
Burlington, ON
L7R 4G4

Send to:

propertytax@burlington.ca

For more information or to apply, contact the City of Burlington Tax Office at 905-335-7750, or visit the Low-Income Seniors Rebate Program page.

]]>
Ballot Initiative: Property Tax Exemptions on Homesteads for Teachers, Cops, Others, But at What Cost? https://eshcinsel.net/ballot-initiative-property-tax-exemptions-on-homesteads-for-teachers-cops-others-but-at-what-cost/ Tue, 01 Nov 2022 00:23:00 +0000 https://eshcinsel.net/ballot-initiative-property-tax-exemptions-on-homesteads-for-teachers-cops-others-but-at-what-cost/ By Danielle J. Brown, Florida Phoenix Florida voters could offer significant property tax exemptions to teachers, firefighters, serving members of the US military and other occupations specific to Florida, in a relatively hostile housing market. But a well-intentioned tax exemption can lead to other complications, such as a loss of local government tax revenue, according […]]]>

By Danielle J. Brown, Florida Phoenix

Florida voters could offer significant property tax exemptions to teachers, firefighters, serving members of the US military and other occupations specific to Florida, in a relatively hostile housing market.

But a well-intentioned tax exemption can lead to other complications, such as a loss of local government tax revenue, according to a tax watchdog group. What may seem like a simple ballot initiative could mean many layers, leaving Floridians puzzled over whether to support the measure or not.

Voters will head to the polls on November 8 on Constitutional Amendment No 3 – the property tax exemption on homesteads – although early voting and mail-in ballots have already been launched.

Amendment 3 is the result of a joint House resolution passed by the Florida Legislative Assembly in 2022. At least 60% of voters would need to approve the measure to win.

The amendment states:

“To propose an amendment to the State Constitution to authorize the Legislative Assembly, by general law, to grant an additional property tax exemption for nonschool levies of up to $50,000 of the assessed property value of properties owned by teachers, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, child protective service professionals, service members active members of the United States Armed Forces and members of the Florida National Guard. This amendment is effective January 1, 2023.”

According to an analysis by legislative staff, Florida homeowners already qualify for a property exemption of up to $25,000. And there’s an additional exemption, also up to $25,000, which “applies to property value between $50,000 and $75,000,” according to the analysis.

The League of Women Voters of Florida opposes the measure because it believes the Florida Constitution is not the place to determine tax policy.

“This proposal may have merit, but the League has a long-standing position that ‘no tax source or revenue should be specified, limited, exempted or prohibited in the Constitution,’ according to the organization’s website.

The website also notes that approving the amendment could result in lost revenue for local governments.

The staff analysis, which introduced Amendment 3 on the ballot, reports that beginning in fiscal year 2023-24, the tax exemption “would reduce $85.9 million in revenue from the local property tax for all levies other than school district levies”.

The Florida Education Association — the statewide teachers’ union whose constituency consists of Florida educators — does not take a position on Amendment 3 one way or another.

Florida TaxWatch, described as a nonpartisan, nonprofit taxpayer research institute and government watchdog, reiterates that the group supports the amendment, saying “the benefits of Amendment 3 outweigh away on the negative consequences of a tax change”.

According to TaxWatch’s 2022 Voter’s Guide: “A tax change is not a tax cut and, although that segment of the ‘specific essential public service workforce’ who is lucky owning your own home will benefit, the burden of additional taxes will be borne by everyone, with higher taxes for low-income homeowners and small businesses, and increased rents for renters (including members of the “specific essential public service workforce” who rent their homes).

TaxWatch also notes that property tax revenues help fund government services. If revenues fall, “cities, counties, and special districts may find it difficult to maintain important government services, such as law enforcement, fire departments, etc., without raising other taxes to offset the reduction”.

Some professions already receive property tax exemptions, depending on their circumstances, many of which go to disabled veterans, according to the legislative analysis.

First responders who have a permanent service-related disability are entitled to a “full property exemption.” Ditto for veterans who use wheelchairs due to a service-related disability.

Veterans who are “disabled to a degree of 10% or more by misfortune or during wartime service” can get an exemption for any property up to $5,000.

Counties and municipalities may provide additional homestead tax exemptions to Floridians age 65 or older with household incomes of $20,000 or less.

Florida Phoenix is part of States Newsroom, a network of news outlets supported by grants and a coalition of donors as a 501c(3) public charity.

Amendment 3,

homestead exemption,

Florida,

Election 2022,

Florida Phoenix,

Tax exemption

]]>
NJ Senior Freeze Property Tax Relief Deadline Nears https://eshcinsel.net/nj-senior-freeze-property-tax-relief-deadline-nears/ Sat, 29 Oct 2022 15:30:00 +0000 https://eshcinsel.net/nj-senior-freeze-property-tax-relief-deadline-nears/ obstinately high inflation bite it budgets of residents across the state, especially those seniors living on a fixed income. In New Jersey, where property taxes taking a large chunk of the wallet from millions of families, more people than before will be eligible for relief, the state said. Eligibility for Main Freeze, which reimburses eligible […]]]>

obstinately high inflation bite it budgets of residents across the state, especially those seniors living on a fixed income.

In New Jersey, where property taxes taking a large chunk of the wallet from millions of families, more people than before will be eligible for relief, the state said.

Eligibility for Main Freeze, which reimburses eligible seniors and people with disabilities for property tax or mobile home park site fees, has been expanded in recent years, raising the income limit by more than 30% since 2017, said the office of the state treasurer.

And many of the property tax refunds exceed $1,000, he said.

But the deadline to apply for the 2021 benefit is October 31.

“For those living on a fixed income, this can make all the difference. We encourage all eligible residents to take advantage of this important resource,” State Treasurer Elizabeth Muoio said earlier this month. “We also encourage everyone to check the eligibility requirements, even those who were not eligible in the past, as the increase in the income limit has made many more people eligible in recent years.”

To qualify, you must have been 65 or older by December 31, 2020 or have received Federal Social Security disability benefits on or before December 31, 2020. You must also have lived in New Jersey continuously since December 31, 2010 as a landlord or a tenant.

Owners must also have owned and lived in their home since December 31, 2017 or earlier, and still owned that home on December 31, 2021. Mobile home owners must have rented a site where they placed a manufactured or mobile home for these same people. Appointment.

“If you moved from one New Jersey property to another and received reimbursement for your previous residence for the last full year you lived there, you may be eligible for an exception to reapply to the Senior Freeze program,” the state said.

Owners must also be fully paid for their 2020 property taxes before June 1, 2021 and the 2021 property taxes must be paid before June 1, 2022. For owners of mobile homes, site fee must have been paid no later than December 31 of each year.

Then there are the income limits.

Whether you are single, married or in a civil union and live in the same dwelling, you must have a total annual income of $92,969 or less in 2020 and $94,178 or less in 2021.

” With some exceptions, all income you received during the year should be considered when determining eligibility,” the state said. “This includes income that you do not have to report on your New Jersey tax return, such as Social Security benefits, unemployment benefitsdisability benefits and tax-exempt interest.

Owners of vacation or second homes, homes rented from someone else and homes with more than four units are among those not eligible for the Senior Freeze.

Applications for 2021 benefits were mailed out in February, but if you haven’t received one or have moved, you can call the Senior Freeze hotline at (800) 882-6597.

The state began issuing payments on July 15, and other payments are being made “on an ongoing basis,” the state said. You can check the status of your payment on line. You will need to provide your social security number and the zip code of your primary residence.

Please sign up now and support the local journalism YOU rely on and trust.

Karin Price Mueller can be reached at KPriceMueller@NJAdvanceMedia.com. Follow her on Twitter at @KPMueller.

]]>