“Fire-rescue sales tax could ease homeowners' property tax bills, county analysis says” plus 3 more |
- Fire-rescue sales tax could ease homeowners' property tax bills, county analysis says
- Property tax relief is a mantra in Senate
- China likely to impose tax on residential property
- China likely to impose tax on residential property
| Fire-rescue sales tax could ease homeowners' property tax bills, county analysis says Posted: 26 Apr 2010 12:02 PM PDT By Jennifer Sorentrue Palm Beach Post Staff Writer Palm Beach County homeowners who are protected by the county's fire-rescue department could save hundreds of dollars a year on their property tax bills if a proposed 1 percent sales surtax is approved by voters this fall. A county analysis released Monday shows the owner of a home assessed at $229,200 with a $50,000 homestead exemption could see his or her property tax bill fall by about $365 a year if the surtax were in place. Meanwhile, a single resident with an income of less than $20,000 a year would pay about $40 annually as a result of the increase in the county's sales tax rate. A four-member household with an annual income of $100,000 a year would pay an additional $170 in sales tax, according to the analysis. County commissioners gave tentative approval this month to add the question to the Aug. 24 primary election ballot. At least six other cities and towns that have their own fire departments must also sign off on the measure before it can officially be put to a countywide vote. The measure would boost the sales tax to 7 cents per dollar. County administrators say additional revenue from the sales tax would allow them to dramatically slash the county's fire-rescue property tax rate. If the sales tax were in place this year, officials say the tax rate would likely have fallen to $1.42 for every $1,000 of taxable value, down from $3.46 this year. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Property tax relief is a mantra in Senate Posted: 26 Apr 2010 03:56 AM PDT Democrats push idea despite state's plightShare this story: ALBANY — With residents fleeing to cheaper tax havens, state lawmakers — especially senators — have returned to a reliable election-year mantra: property tax relief. So how serious — and helpful to the wallet — can they be when the state faces a $9.2 billion deficit? "It's the primary objective," said Sen. John L. Sampson of Brooklyn, the Senate's Democratic Conference leader. But taxpayers shouldn't hold their breath waiting for direct property tax relief, such as rebate checks, since senators are getting little support from others in state government. The state is too deep in the red to afford direct assistance to property taxpayers, Gov. David A. Paterson said last week. The Assembly is focusing on restoring as much money as he can from the $1.4 billion in cuts Paterson and Senate Democrats proposed for education. "Let's be very clear. Education aid is property tax relief," Assembly Speaker Sheldon Silver, D-Manhattan, said of money the state can steer to districts to help them lower the reliance on property taxpayers. The debate has several dimensions. And various obstacles prevent comprehensive, lasting relief. Senate Democrats, who last year approved a budget that killed the $1.5 billion STAR rebate check program, have passed a property tax relief effort worth more than $1 billion for about a million property owners. They want to provide direct aid to taxpayers, not unlike the STAR rebates, this time based on income levels — sometimes called a circuit break program. Who wins and loses under this approach depends on income and the level of property taxes. Under one Senate Democratic plan, a family with a $50,000 income would be responsible for the first $3,500 of property taxes, Senate sources said. After $3,500, the state would pick up 10 percent of the costs. Those with tax bills of less than $3,500 would get no break, unless they were senior citizens. A family with a $100,000 income level would have to pay the first $7,000 of a property tax bill. The state then would pay back 30 percent of anything over that. But the price tag of more than $1 billion makes such a plan difficult this year. Senate Democrats are working behind the scenes on the assumption that the budget for the fiscal year that began April 1 will incorporate property tax help. Deputy Senate Majority Leader Jeffrey D. Klein, D-Bronx, says he believes the budget can provide property tax relief and restore money for education, a claim questioned in the Assembly. "Tell us where the money is, and we'd certainly love to dedicate money to a circuit breaker [tax plan]," Silver said. Enter borrowing. The Senate already proposed borrowing $700 million, and the Assembly suggested $2 billion to help lower the overall deficit. The loans could help fund everything from property tax rebate checks to restoring some cuts in school aid, lawmakers say. Fiscal watchdogs have howled at the prospect of borrowing for election-year gifts. Paterson, who previously has pushed property tax cuts, says borrowing to pay for property tax cuts is a shell game. "It's the ultimate bait-and-switch because at the same time we're making cuts to the school districts, which is what's driving the property tax up. So it's adding and subtracting at the same time," he said of cutting school aid while borrowing to give tax rebates. Instead of direct state money for property taxpayers, Paterson called for focusing on limiting the growth of local property taxes imposed by all units of local government. Senate Democrats have pushed a limit only for school districts. Under one plan, schools would be prohibited — unless a certain percentage of voters say otherwise — from raising taxes more than 4 percent annually, or 120 percent of the inflation rate, whichever is lower. Another idea kicking around would limit localities' annual spending growth levels. Critics, led by teachers unions and many school districts, say voters are the ultimate property tax cap. Except in Buffalo and the other Big 5 city districts, they can vote down a budget. If a budget's defeat forces a school district to resort to a contingency budget, spending cannot increase in the following year, the state Education Department says. In this election-year environment, Republicans question the motivation of Senate Democrats. Democrats, they note, are led by lawmakers from New York City, which has far lower property taxes than other parts of the state, in part, because it has an income tax to help fund schools. From 2006 to 2008, the median property tax bill in Queens was $2,650 — about $250 less than the average in Erie County and about $5,700 less than in nearby Westchester County, according to the Tax Foundation. The Senate Democrats' talk of property tax relief is all about the November election, the GOP insists, as Democratic leaders try to help vulnerable colleagues from upstate and Long Island, including Sen. William T. Stachowski of Lake View, curry favor with voters. "It's to protect their upstate Democrats," said Sen. George D. Maziarz, R-Newfane. Senate Democrats from New York City say they understand how property taxes are contributing to the state's population loss and helped increase home foreclosures during the recession. "If you go through most of the state, what you hear from the people is they have four issues: The first three are property taxes," said Sen. Liz Krueger, a Manhattan Democrat and vice chairwoman of the Senate Finance Committee. The fourth issue, she said, varies by region. Krueger said she could favor a spending cap for localities with an expiration date to determine how such a program would work. Few in the Capitol expect approval of a plan that would give residents more than a minor down payment on major property tax relief. But nearly a month into the stalled budget talks, Senate Democrats insist they are holding firm. "I don't think Senate Democrats could have been clearer: Property relief is our priority in this budget," Klein said.  Log into MyBuffalo to post a comment Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| China likely to impose tax on residential property Posted: 26 Apr 2010 09:00 AM PDT BEIJING: China is likely to introduce a property tax on residential housing in the first half of the year as part of its attempts to curb real estate prices, state media reported yesterday. The levy would be imposed on a trial basis in Beijing, Shanghai, Chongqing and the southern city of Shenzhen, the Economic Observer newspaper said, citing sources familiar with the matter. Government agencies including the central bank, the finance ministry and the State Administration of Taxation were still working out when to implement the tax, it said. China has no such levy on residential property but does impose a 1.2 per cent tax on 70 per cent to 90 per cent of the value of commercial real estate. The report came after Beijing announced a range of new measures to prevent asset bubbles and soaring property prices. Official data showed real estate prices in 70 cities jumped 11.7 per cent in March, the fastest year-on-year rise for a single month in five years. The government has recently tightened restrictions on advance sales of new property developments, introduced new curbs on loans for third home purchases, and raised minimum down payments for second homes. State media reports last week also said banking regulators had ordered lenders to conduct quarterly stress tests on mortgages as the government tries to clamp down on bad loans and rein real estate speculation. The new property tax was also expected to help replenish the coffers of local governments, which have been depleted by the government-led investment binge of the past year linked to an economic stimulus programme, the report said. - AFP Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| China likely to impose tax on residential property Posted: 26 Apr 2010 11:12 AM PDT BEIJING: China is likely to introduce a property tax on residential housing in the first half of the year as part of its attempts to curb real estate prices, state media reported yesterday. The levy would be imposed on a trial basis in Beijing, Shanghai, Chongqing and the southern city of Shenzhen, the Economic Observer newspaper said, citing sources familiar with the matter. Government agencies including the central bank, the finance ministry and the State Administration of Taxation were still working out when to implement the tax, it said. China has no such levy on residential property but does impose a 1.2 per cent tax on 70 per cent to 90 per cent of the value of commercial real estate. The report came after Beijing announced a range of new measures to prevent asset bubbles and soaring property prices. Official data showed real estate prices in 70 cities jumped 11.7 per cent in March, the fastest year-on-year rise for a single month in five years. The government has recently tightened restrictions on advance sales of new property developments, introduced new curbs on loans for third home purchases, and raised minimum down payments for second homes. State media reports last week also said banking regulators had ordered lenders to conduct quarterly stress tests on mortgages as the government tries to clamp down on bad loans and rein real estate speculation. The new property tax was also expected to help replenish the coffers of local governments, which have been depleted by the government-led investment binge of the past year linked to an economic stimulus programme, the report said. - AFP Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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