POSSIBLE REALTY TAX RELIEF FOR TEN YEAR
OWNERS
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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