Friday, November 29, 2013

AVI and Gentification

Here's an extract from the Center City Residents' Association November 27th Weekly Newsletter.

Homeowners who have continuously occupied the same residence since July 1, 2003 and who meet income requirements can qualify for the City's realty tax Gentrification relief program IF their AVI reassessment at least tripled the former assessment (i.e. $100,000 pre AVI to at least $300,000 AVI). Note that the trigger is the increase in the assessment, not the increase in the tax due. Those who qualify can limit their tax to 1.32% of triple their former assessment even if the AVI assessment exceeds that amount. For example, if the pre AVI 2012 assessment was $100,000.00 but the AVI assessment due in Feb. of 2014 is $350,000, the program would cap taxes at the tax rate (1.32%) times the cap ($300,000) = $3,960, a savings of $660.00 from 1.32% x $350,000 = $4,620. 
The program guidelines include all incomes of household residents - the maximum income for a single person household is $83,220 and $95,050 for a double occupant dwelling. The City plans to mail out Homestead applications to each address with a treble increase or more. Completed applications are due by January 14 although a Council bill, yet to be passed, would extend the deadline to February 15. Those who fail to apply forfeit their right to apply in future years so citizens should fill out the application even if they are not certain of their eligibility. The Gentrification Relief forms have yet to be published. CCRA will include these forms In a newsletter once they are published.

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