“Greenville’s growing, it’s inevitable. This is what happens,” said Kristen Atchison, a Greenville resident.

But some of the numbers may be a little hard to follow.

“The city has proposed a tax rate that’s 2.69 cents higher than what revenue neutral would be for property owners,” said Brock Letchworth, Greenville’s public information officer.

So, we sat down with Letchworth to discuss what exactly the change means for homeowners. He says that an average $300,000 house could see property taxes go up around $200.00.

While the overall tax rate is lower than the current 48.95 cents, property value increases mean taxes will still go up.

“The city council has proposed a 39.54 cent tax rate, which is slightly higher than what a revenue-neutral rate would be given that the property owner would pay the same amount as they did last year. But as property values increase, they’re going to be paying a little bit more,” said Letchworth.

However, some citizens understand that may be the price they have to pay for the city’s development.

“With growth comes increase–increase of the property value, increase of taxes–it’s just that simple. Of course, we don’t want it, but we also want the property value to increase,” said Atchison.

As City Council Member Marion Blackburn says, despite some of the concern about taxes, there is a positive side.

“I think it’s important to look at the really exciting part of the reevaluation, which is that property values have really gone up. That shows that Greenville is a place that is desirable,” said Blackburn.

If this budget is approved, the city would bring in around three million dollars, with half of that going to public safety, including adjusting salaries and adding more fire rescue positions.

The City of Greenville will hold a public hearing on the proposed budget this Monday, June 10th, at 6 p.m. in the council chambers of city hall. The final vote on this budget is the following Thursday.

Source: WITN

The post Greenville homeowners could pay more in property taxes with new city budget appeared first on Amora Escapes.

That’s also the bad news, costing them thousands more in real estate taxes and leaving less for discretionary spending.

“To pay the higher property taxes, it just means we’ve got to take more money out of our investments when it comes time to hit those big bills,” Beverly McAdam said.

She backs a Colorado ballot proposal that could cap the growth of property tax revenue. It’s one of several measures in states this year to limit, cut or offset escalating property taxes in response to complaints.

Over the past five years, single-family home prices have risen about 54% nationally, according to S&P Dow Jones Indices.

That means higher tax bills for homeowners when governments don’t offset higher real estate values by reducing tax rates. And with offices seeing higher vacancies as people still work from home after the coronavirus pandemic, some commercial property values are declining, putting even more pressure on residential properties to deliver revenues.

“With assessed values skyrocketing over the past few years,” said Jared Walczak, vice president of state projects at the nonprofit Tax Foundation, “homeowners are clamoring for relief, and state policymakers are increasingly exploring ways to provide it.”

Colorado, like Alabama and Wyoming, also has a new law that will limit the growth in tax-assessed values for homeowners. Property tax relief will be part of a special legislative session beginning June 18 in Kansas, while Nebraska also could hold a special session to cut property taxes.

Georgia voters will decide in November whether to authorize a new law limiting increases in assessed home values for tax purposes to the rate of inflation, unless local governments or school boards opt out.

Five years ago, Lanell Griffith and her husband paid a little less than $2,700 in property taxes on their Topeka, Kansas, home in a historic neighborhood of tree-lined, brick streets. Their bill last year was more than $3,700.

“The government shouldn’t be able to arbitrarily just increase what they say you owe them without any sort of guardrails on that,” Griffith said.

Kansas lawmakers this year passed three measures that would have reduced the state’s property tax levy for public schools. But each was vetoed by Democratic Gov. Laura Kelly because of concerns about other sections to cut income taxes. The special session will mark a fourth attempt at consensus.

In Vermont, Republican Gov. Phil Scott has vowed to veto a bill that would raise property taxes by an average of nearly 14% to provide more money for public schools. Scott said people “simply cannot afford a historic, double digit property tax increase.”

In many states, property taxes are primarily a function of local governments such as counties, cities, school boards and special districts for libraries, fire departments and water systems. Each entity sets its own property tax rate, which is added to the others to come up with an overall tax bill for property owners.

State legislatures can intervene in a variety of ways. They can establish statewide limits on how much assessed property values can rise, create partial tax exemptions for all homeowners or provide income tax credits to help offset property taxes for certain people, such as those 65 and older.

But any relief carries consequences. Limits on the growth of assessed property values may provide a greater benefit to the wealthy. Exemptions for homes used as primary residences can shift a greater tax burden to rental properties and businesses.

“If you do this too much, you can now start tying the hands of your local government and cutting them off from the ability to raise revenue,” said Richard Auxier, a principal policy associate at the nonprofit Tax Policy Center.

While signing several property tax relief laws this year, Republican Wyoming Gov. Mark Gordon vetoed one that would have exempted 25% of a home’s value from property taxes. He said it “jeopardized the financial stability of the state and counties.”

In 1982, voters in Muscogee County, Georgia, approved a local ordinance freezing assessed property values for homes used as primary residences. The result: longtime homeowners pay very little, newcomers pay more and businesses face some of the state’s highest property tax rates, said Suzanne Widenhouse, the county’s chief appraiser.

Last year, two similar homes worth around $330,000 had dramatically different tax bills. One, whose assessed value was frozen in the 1980s, owed less than $8. The other, whose assessed value was frozen when purchased about five years ago, owed $3,236, Widenhouse said.

“Anytime you grant an exemption, you create an inequality,” she said.

A Georgia ballot measure would amend the constitution to allow increases in assessed property values to be capped at the rate of inflation. But it wouldn’t undo past increases.

In the eight years since Rob Romeijn bought a ranch-style house on 10 acres (4 hectares) southeast of Atlanta, Rockdale County has raised the assessed value of his property from $127,000 to $230,000, also bumping up his property tax bill, he said.

As a Dutch immigrant with permanent residency, Romeijn can’t vote in elections in Conyers, but he was so unhappy about the increase that he made a sign urging people to vote out Rockdale’s commissioners and protested outside county offices in April.

Colorado also has been at the center of the property tax debate. The state has experienced decades-long growth in new residents, driving up demand for housing. Meanwhile, it has struggled to find a balance between providing tax relief for homeowners and sufficient funding for local governments.

A 1982 constitutional amendment limited residential properties to 45% of Colorado’s total property tax base while also setting a fixed assessment rate for commercial properties. To keep the ratio in balance as home values rose, residential tax assessments were cut, leaving less revenue for essential services such as fire districts.

Colorado voters repealed that constitutional provision in 2020. Since then, assessed home values have risen rapidly and the General Assembly has responded. The latest law, signed in May, is projected to shave over $1 billion annually off future property tax revenue by reducing tax rates and imposing growth limits.

But that’s not enough to satisfy some residents. The conservative group Advance Colorado backed a citizens initiative asking voters in November to cap all property tax revenue growth at 4% per year and is gathering signatures for still another ballot initiative to lower property taxes.

“People are saying this is too much growth; government doesn’t need this much money,” Advance Colorado President Michael Fields said. “People are genuinely scared of losing their houses.”

Source: AP News

The post With home prices up more than 50%, some states try to contain property taxes appeared first on Amora Escapes.

As a non-resident, you are required to pay tax on the sale of the ancestral property in Mumbai, similar to a resident. Since the property has been held for more than 24 months, any profits from the sale will be considered long-term capital gains.

For the calculation of capital gains, the cost of acquisition is critical. In the case of inherited property, the cost is considered as the price paid by the previous owner. Since the property was acquired before 1 April 2001, the cost of acquisition for capital gain purposes is the fair market value of the property as of 1 April 2001.

To determine the fair market value, you can use the applicable rates or values such as the circle rate or stamp duty rate of the property on that date. If these values are unavailable, obtaining a valuation report from a registered valuer is necessary. It is important to note that the valuation report’s value should not exceed the prescribed rates or values.

The cost is then increased by applying the cost inflation index of the year of sale. The difference between the sale price and the indexed cost constitutes the long-term capital gains, taxed at a flat rate of 20%. To mitigate this tax, you have the option to invest the indexed long-term capital gains in a residential property or specified capital gains bonds within the specified period. As a non-resident, the buyer is obligated to deduct tax at 20% on the computed long-term capital gains if you provide documentary evidence of the cost. Failure to provide proof will result in the buyer deducting tax at 20% on the entire sale consideration.

If you do not have any other income taxable in India, you will be required to pay tax at 20% on the capital gains, as non-residents cannot offset the shortfall in the basic exemption limit against long-term capital gains.

Source : Mint

The post Does a Non-resident Have to Pay Tax on Sale of Property in India? appeared first on Amora Escapes.

Cook County property tax bills will hit the mail Nov. 1 and are due Dec. 1, just in time for the holidays. The median residential bill went up 7.2% to $4,958.

But the highest increases were in the north and northwest suburbs, where property tax bills increased by 15.7%, the largest increase by percentage in 30 years. In Hanover Park, the median residential property tax bill went up by 19%. In North Lake, a western Chicago suburb, the median residential bill increased by 27%.

Tax bills went up for 81% of property owners countywide, 17% saw their bill drop and 2% saw the same amount on their bill.

One of the reasons for the increase was a state law allowing taxing bodies such as local governments to “recapture” dollars refunded to property owners in appeals. The tax burden shifted to residential property owners after commercial properties, hit by large reassessments in 2019, had their property values cut by nearly 20% during the appeals process.

In total, Cook County property taxes rose by more than $909 million from 16.7 billion to $17.6 billion.

Homeowners represent nearly $600 million of the increase and commercial property owners owe more than $300 million more in property taxes. Of the 940 taxing units in Cook County, 72% raised taxes.

Property owners who want to see their bill before it arrives in the mail or pay it can see it online at cookcountytreasurer.com.

Source : IllinoisPolicy

The post Cook County Property Taxes Up $909 Million appeared first on Amora Escapes.

In the last nine years, Carol Schenk of Wichita has seen the assessed value of her home increase from $152,000 to $240,000 — pushing her annual property tax bill from $2,200 in 2014 to more than $3,000 in 2022.

Schenk told lawmakers in a letter earlier this year that the tax on her nearly 30-year-old home is becoming too much.

“I can’t even imagine what my new tax bill will be,” Schenk said, “but I am struggling to afford it right now.”

Many Kansans have lined up at public meetings to say rising property values and the taxes that come with them are out of control. Kansas Republican and Democratic lawmakers have taken notice. But they are proposing rival amendments to the state constitution in an attempt to reel in rising property taxes.

The Republican-backed plan would cap how much property values can increase each year. That would hopefully standardize increases for taxpayers and spare them from large spikes year to year.

The Democratic proposal wants to shift some of the burden of property taxes off of residential homeowners and onto commercial and agricultural real estate. But that will be a tough sell to the Republican leaders of the Legislature who are more business and agriculture friendly.

However, both proposals only address one side of the property tax equation. Neither change would be able to stop local governments from increasing their tax rates. So homeowners could still see a spike in property taxes when their cities and counties raise their mill levies.

Additionally, a tax expert argues big changes to property tax codes can come with unintended consequences that are hard to reverse. Richard Auxier, senior policy associate for the Tax Policy Center, said a better strategy is targeting relief at specific groups, like retired homeowners.

“You would much rather go slow,” Auxier said, “And not overextend yourself, then try and go back and fix something that you’ve done.”

Capping rising value

The Republican plan calls for capping yearly increases to property valuations at 4%.

The amendment passed the Senate with a 28-11 vote, mostly following party lines. The House can consider advancing it to send it to voters during the 2024 legislative session.

Republican Sen. Caryn Tyson said on the Senate floor that many states cap increases to property values, including states from both sides of the political spectrum like Oklahoma and Oregon.

The plan allows for exceptions to the cap, like new construction adding value to the home or when a home is sold. So when someone purchases a house, the suppressed property value for tax purposes will revert to its true assessed value. 

Auxier argues the plan disproportionately benefits people who have owned their home longer than their neighbors. That can mean someone who’s lived in their home for decades paying significantly lower property taxes than someone who just bought a house down the street.

“The person who bought it last year,” Auxier said, “pays an astronomical rate because the government needs to catch up. And so you get these big disparities.”

But Republican Senate President Ty Masterson has the plan is fair because the new homeowner knows they are purchasing a house that will spike in tax value.

Shifting the burden

Meanwhile, the Democratic plan calls for reducing the taxable amount on residential properties. Currently, homes are taxed on 11.5% of their value. The proposal would drop that to 9%.

However, commercial property and agricultural land would not see a similar reduction. So owners of that kind of land would end up paying more in taxes to make up the difference. That’s likely to run into opposition in the Republican-controlled Legislature.

Dylan Lysen

/

Kansas News Service

Democratic Rep. Vic Miller, the minority leader in the House, said the proposal would begin shifting the property tax burden away from homes and onto businesses and agricultural land. He said that’s necessary because homeowners have gradually been taking on more of the property tax burden in the state over the last 30 years.

Kansas voters last changed the property tax code in the state constitution in 1992, when the 11.5% rate was created. That change led to homeowners paying 35% of the total collected property taxes in Kansas, while commercial and agriculture made up the other 65%.

The homeowner portion of the pie gradually increased over the years and now makes up more than half, 56%, while commercial and agriculture paying the other 44%.

Miller said that the proposal would shift the residential portion down, making a 50-50 split between taxes collected from homes and other properties. He said that would help address how home values are rising much faster.

“It’s been shifting over time onto homes away from the other properties,” Miller said. “This would simply make some corrections to that shift.”

The agriculture industry and the Kansas Chamber, one of the largest lobbying groups in the state, oppose the plan unless the similar property tax relief offered to residential homeowners was provided to commercial and agricultural land as well.

Targeted approaches

Auxier argues both plans may be too wide-reaching and could cause a significant decline in tax revenue for local governments that won’t be easy to fix.

He said lawmakers should consider targeted tax policies that help a specific group to make sure they don’t accidentally throw the entire tax structure out of whack.

Some examples of targeted approaches include providing property tax breaks to people who are older than 65 years old or lower income And tax cuts are more useful when they are addressing a specific situation, like helping young families purchase a home or helping retired residents remain in their houses.

“There are numerous ways to limit property taxes,” Auxier said. “But it would be a lot better if you explained why, and who specifically we’re trying to help.”

Source : KCUR

The post Kansas Homeowners Want to Slow Down Rising Property Taxes. Here’s How Lawmakers Plan to Address It appeared first on Amora Escapes.

Mulai tahun 2024, Kota Edmonton akan memiliki kemampuan untuk membebankan tarif pajak yang lebih tinggi kepada pemilik rumah di lingkungan yang sudah matang yang propertinya dianggap terlantar.

Dalam rilis berita yang dikeluarkan Rabu sore, pemerintah kota mengumumkan bahwa dewan kota telah menyetujui subkelas pajak baru untuk menangani properti tempat tinggal yang “menunjukkan tanda-tanda pengabaian yang serius, bobrok, mengalami kerusakan parah atau tidak dapat dihuni.”

“(Ini) adalah alat baru dalam perangkat kota untuk mengatasi dampak berbahaya yang dapat ditimbulkan oleh properti perumahan yang terlantar dan bermasalah,” kata Cate Watt, manajer cabang penilaian dan perpajakan kota tersebut. “Mengelola properti terlantar sering kali menimbulkan biaya tambahan bagi kota dan tarif pajak yang lebih tinggi akan membantu menutupi biaya tersebut sekaligus mendorong pemilik properti untuk membersihkan rumah terlantar.

“Kami berharap hal ini akan berperan dalam meningkatkan semangat lingkungan yang sudah matang dalam jangka panjang.”

Kota tersebut mengatakan studi kasus terhadap 31 “properti bermasalah” yang berakhir pada tahun 2020 menemukan bahwa properti tersebut menghabiskan biaya sekitar $1,3 juta bagi kota tersebut untuk hal-hal seperti inspeksi dan penegakan peraturan, inspeksi kebakaran, kode keselamatan dan inspeksi kepatuhan pembangunan serta inspeksi dan tanggapan polisi.

“Itu kombinasi dari Edmonton Fire Rescue Services, EPS, peraturan daerah, kepatuhan pembangunan, pajak yang belum dibayar,” jelas Coun. Ashley Salvador. “Hal ini benar-benar berdampak buruk tidak hanya pada lingkungan sekitar, namun juga pada dompet kota.”

Pemerintah kota mencatat bahwa “properti bermasalah” didefinisikan secara berbeda dari “properti terlantar,” dan hanya beberapa dari 31 properti yang dianggap terlantar. Properti bermasalah dianggap sebagai properti yang menimbulkan risiko sosial atau keselamatan, seperti terkait dengan aktivitas kriminal atau risiko kebakaran.

“Keadaannya menjadi sangat buruk,” kata Salvador. “Dalam periode enam bulan menjelang pemilu, terdapat 281 kejadian terkait kebakaran di tipe properti tersebut.

“Dengan semua tindakan yang kami ambil sejauh ini, kami telah melihat 89 pembongkaran, 308 pengamanan, 238 perintah dikeluarkan dan penurunan drastis jumlah kebakaran di komunitas ini.

“Tindakan yang kami ambil telah berhasil dan saya pikir penambahan subkelas pajak properti untuk properti terlantar akan mendorong hal tersebut lebih jauh lagi,” kata Salvador.

Christy Morin, direktur eksekutif Arts on the Ave, berpendapat bahwa perubahan perpajakan akan membantu  menindak properti terlantar  di lingkungan Alberta Avenue dan di seluruh Edmonton.

“Mereka benar-benar merupakan bencana bagi lingkungan sekitar,” katanya. “Mereka menarik orang-orang yang salah dan sering kali justru menjadi sarang narkoba.”

Arts on the Ave adalah organisasi nirlaba yang bekerja untuk membantu menjadikan 118 Avenue sebagai distrik seni komunitas.

Morin mengatakan masyarakat telah “secara agresif meminta” dewan kota dan pemerintah selama bertahun-tahun untuk menemukan cara yang lebih efektif untuk mengatasi masalah ini.

“Kami telah melakukan revitalisasi kota selama 18 tahun. Dan 18 tahun yang lalu, kami melihat ada kota-kota – Atlanta – di Philadelphia, dan tempat-tempat lain yang benar-benar berusaha keras mengenakan pajak kepada pemilik properti terlantar ini dan hal ini membuat perbedaan besar dalam komunitas inti di kota-kota tersebut.”

Salvador mengatakan Edmonton adalah negara pertama di Kanada yang mengembangkan sub-kelas pajak untuk properti perumahan terlantar, namun mengakui yurisdiksi lain di AS telah melihat keberhasilan dengan pendekatan tersebut.

Perubahan UU  Pemerintah Kota di tingkat provinsi  beberapa tahun lalu juga membantu, kata Morin. Pada tahun 2017,  Alberta mengubah  undang-undang tersebut untuk memudahkan pemerintah kota mendorong pembangunan kembali properti brownfield – yang terkontaminasi, kosong, terlantar, atau kurang dimanfaatkan.

“Selain itu, terdapat satuan tugas yang dibentuk oleh Kota Edmonton untuk mampu melakukan tindakan tegas terhadap properti-properti terlantar ini dan kami telah melihat kesuksesan besar dengan ditutupnya properti-properti tersebut.

“Tetapi sekarang langkah selanjutnya adalah memberikan pukulan berat kepada mereka dengan pajak, dan memberi tahu mereka bahwa kita adalah komunitas yang hebat. Komunitas-komunitas ini tidak pantas membiarkan properti terlantar berada di lahan mereka selama bertahun-tahun,” katanya.

Setelah itu, Morin ingin melihat pendekatan serupa untuk mengatasi properti komersial yang terlantar.

“Ini hanya akan menjatuhkan bisnis Anda ketika Anda mempunyai tetangga sebelah yang duduk-duduk dan tidak melakukan apa pun.

“Seluruh gugus tugas ini dimulai pada tahun 2021, ketika komunitas kami di distrik Alberta Avenue mengalami lebih dari 200 kebakaran dan banyak di antaranya terjadi di properti terlantar ini.”

Salvador mengatakan dia ingin melihat hal ini diperluas melampaui lingkungan yang sudah mapan – di seluruh kota hingga ke semua properti perumahan dan komersial yang terlantar.

“Tidak dapat dipertahankan jika properti-properti ini terus berdiri di lingkungan kita dan menimbulkan risiko yang signifikan bagi masyarakat dan terus merugikan kota sebesar jutaan dolar.

“Tujuannya di sini adalah untuk memastikan bahwa properti tersebut mematuhi peraturan, dipertahankan, atau dijual kepada seseorang yang mau melakukan sesuatu dengannya,” kata anggota dewan kota.

Pemerintah kota mengatakan pada hari Rabu bahwa mereka memperkirakan akan memberi tahu sekitar 300 pemilik pada musim gugur ini bahwa properti mereka berisiko dianggap terlantar.

“Semua penilaian properti akan dikonfirmasi pada Januari 2024 ketika pemberitahuan penilaian dikirimkan melalui pos ke lebih dari 400,000 pemilik properti di Edmonton,” kata kota itu.

“Agar suatu properti dianggap terlantar untuk tujuan perpajakan, pemerintah kota harus menilai kondisi fisik rumah di properti tersebut, mencari bangunan yang kosong, ditutup papan, dianggap tidak layak huni atau ditinggalkan di tengah proses konstruksi atau pembongkaran. .”

Sumber: Berita Global

The post Edmonton City Council Approves Tax Subclass to Crack Down on Derelict Properties appeared first on Amora Escapes.

Q: Are property taxes rising in Tampa, Florida?

A: The Tampa City Council shot down Mayor Jane Castor’s proposal to increase the property tax rate 16% in a 4-3 vote during Tuesday night’s meeting.

With the city council’s vote, Tampa’s current property tax rates will remain the same.

Caster’s plan, which would have been only the second time the city raised property taxes since 1989, would have added about $232 annually to the average homeowner’s tax bill. The mayor had proposed using the budget to address the constantly growing backlog of maintenance projects around the city along with public safety, street and sidewalk repair, public parks and affordable housing.

Local residential property taxes are calculated by a millage rate that is applied to every $1,000 of the assessed “fair market value” of the property.

“The highest millage rate in Tampa history was in 1982 and it was 8.16%. The last increase was in 1990,” said Stephen Hachey, attorney at the Law Offices of Stephen K. Hachey, before the council blocked the proposal. “The current rate is 6.2076% and the proposed rate [was] 7.2076%—really smack dab in the middle between the current and the historic high.”

The same millage rate applies to all homeowners “but there are different exemptions available,” he said. “The one a lot of people get is the homestead, which takes up to $50,000 off of the assessed value.” A homestead in Florida is “loosely defined,” he added, “but essentially a homestead is your primary residence.”

Many Tampa residents will still see their property taxes rise modestly since home values, which are generally reassessed every January and whenever a home is sold, are rising. The Save Our Homes property tax cap currently places a 3% cap on annual increases in the taxable values of homesteaded properties.

“On a homestead property, the assessed value can only increase 3%,” Hachey said.

The axed tax-hike proposal would have raised Tampa’s property tax rates higher than both nearby Orlando and St. Petersburg. It would have net the city an additional $45 million a year in general revenue.

Source : MansionGlobal

The post What Happened With the Property Tax Proposal in Tampa, Florida? appeared first on Amora Escapes.

South Carolina counties with growing populations have housing affordability problems, and to get more affordable units built, some have been repurposing tax incentives typically used to attract manufacturers.

Charleston County is now exploring that option, which Greenville, Spartanburg and Richland counties have already embraced.

The bottom line is that for-profit companies could get property tax breaks if they include homes that people with moderate to low incomes could afford when they develop new housing. The idea is that a multi-year tax reduction would make up for accepting lower rent or sale prices on some units.

“We would basically be backing off of the property taxation on an affordable development to help close that (financial) gap,” Steve Dykes, Charleston County’s director of economic development told County Council members at a July 18 meeting.

Governments have taken different approaches to encourage such things. The city of Charleston uses zoning requirements and incentives, such as allowing more height or density, to get “workforce housing” apartments created.

Workforce housing apartments are meant for people who have full-time jobs but don’t earn enough to afford market-rate rent.

Greenville and Spartanburg counties offer property tax breaks, and the details can be a bit complicated. They involve including proposed developments in what are known as multi-county industrial parks and then giving them a “special source revenue credit.”

In Charleston County, where rents have soared by more than 30 percent in just two years, the county is researching that option.

“I think, overall, it sounds like a win,” Councilman Kylon Middleton said. “It’s a crisis, and we’re not going to solve it overnight, but (this) is a good start.”

Here’s how it works: First, a multi-county industrial park is not an actual place or industrial park, but a designation assigned to properties. It’s called a “multi-county” park because it pairs affluent counties with neighboring less-affluent ones, and they get a small piece of the action.

Say a manufacturer plans to set up shop in Charleston County and create some jobs. The county can designate the manufacturer’s property as part of the multi-county industrial park, which cuts the property assessment rate for tax purposes to 6 percent, and then instead of property tax bills the owner pays a set fee.

The money from that fee gets divided up as a county decides. In Charleston County, the economic development arm of the county gets 7.5 percent of the money, Colleton County gets 1.5 percent (because, multi-county park), while the rest is divided up as property taxes would have otherwise been.

But wait, there’s more.

Multi-county industrial park designations are often paired with the special source revenue credit. So after the property’s taxable value is trimmed and property tax bills are swapped for set fees, a tax credit can be applied against those fees to reduce them.

“Let’s say they pay $1.5 million in taxes, and we give them back a half-million dollars,” said Corine Altenhein, Charleston County’s finance director. “All of that is negotiated deal by deal.”

Some counties negotiate tax credit deals one by one. Others have if/then rules — if developers do X, they get Y.

Greenville’s affordable housing tax credit rules are like that. The county’s ordinance lists different amounts of tax relief based on various percentages of affordable housing units, minimum project costs and the mix of income levels the affordable units must accommodate.

Not every Charleston County Council member likes the idea of tax breaks for affordable housing. Councilman Larry Kobrovsky, a past chairman of the county Republican Party, said that wouldn’t be fair to those who can afford housing created without tax breaks.

“Is it our job?” he said. “And at whose expense do we ensure the profits of contractors and developers?”

Kobrovsky cast the lone vote against adopting Charleston County’s “Housing Our Future” plan in May. How to fund the plan aimed at spurring more housing people can afford has remained an open question.

Spartanburg County offers tax credits for housing that are negotiated case-by-case, as Charleston does with manufacturers. The multi-county industrial park and special source revenue credit arrangements must by approved at the county level, but the city of Spartanburg has been the main user of those deals in Spartanburg County.

“All it is, in its simplest form, is a credit that reduces that amount of tax paid,” said Alverson Cole, Spartanburg County administrator.

Spartanburg City Manager Chris Story said several affordable housing deals have resulted.

“I think it’s working for us,” he said. “It just fits where we are in the evolution of our community.”

“We’ve been worried, like all communities are, about significant increases in rents that are associated with increases in demand,” said Story.

Charleston County Council in July directed the county staff to research the potential for tax incentives to support affordable housing development. Doing so would require the county to create a new multi-county industrial park scenario devoted to affordable housing.

Source : ThePostAndCourier

The post Charleston County is Exploring Property Tax Incentives to Prompt Affordable Housing appeared first on Amora Escapes.

NORTH TEXAS (CBSNewsTexas.com) – We’ve talked a lot about property taxes this year. As you likely know, there is now a plan to get relief for Texas homeowners.

We’ve covered the details of the $18 billion package. But it’s a complicated topic, and there have been so many changes. Some of our viewers still had questions.

Jack Fink answers three of those questions below.

What prevents school districts and municipalities from increasing the tax rate to cover the shortfall from the increased exemptions?

– Rich from Fairview

Homeowners have a variety of protections. Back in 2019, the state legislature passed a law preventing municipalities from raising property tax levies on existing properties by more than 3.5% without holding an election.

School districts can’t increase property tax levies on existing properties by more than 2.5% without going to the voters first.

In addition, this year the legislature passed a law that will cap property appraisal increases on non-homestead properties, including commercial properties, to 20%. This is a pilot program for three years. Right now there is no limit on property appraisal increases.

Where do renters stand? Will we be getting our tax rebate?

– Gabrielle

Renters will not be receiving any property tax rebates. Some Democratic state lawmakers proposed a rebate from the state, but that was not part of the deal worked out between Republicans in the House and Senate.

Some lawmakers said they believe renters could save money if landlords passed along some of the savings in property taxes they receive. Speaker Dade Phelan told CBS News Texas that if property taxes are lower, developers may build more apartment complexes, increasing competition, and perhaps lowering rent.

But other lawmakers say there is no proof of this and point out that the state could not require it.

How will tax relief work for people over 65 whose taxes have been frozen for over 10 years? During this time, our property valuation has more than doubled. Will there actually be a tax reduction for us?

– Charles

Homeowners over 65 will benefit in a couple of ways.

First, the state legislature approved a law this year that will increase the homestead exemption. Voters will have to approve this in November because it will require a change to the Texas Constitution. This will lower property tax bills even though school property taxes have been frozen for homeowners over 65, and even with some municipalities already providing their own exemptions on their property taxes.

The second way seniors will get a tax break is through a law passed in 2021. It reduces school maintenance and operations property tax rates by replacing them with taxpayer dollars collected by the state.

How much could you save?

CBS News Texas has created a tool that calculates the estimated difference between what you paid on school property taxes in 2022, and what you would have paid if the approved tax relief package had been approved and in place. Just enter your property value and select the school district you pay taxes to below.

It’s important to note, this is a calculation that only takes into account the homestead exemption and school tax compression. You may apply for other exemptions.

The post What You Wanted to Know About Texas’ Property Tax Relief Plan appeared first on Amora Escapes.

The post Newark to See First Residential Property Tax Revaluation in 13 Years appeared first on Amora Escapes.