Tuesday, June 29, 2010

“Property Tax Increase Unlikely In Cincinnati” plus 3 more

“Property Tax Increase Unlikely In Cincinnati” plus 3 more

Property Tax Increase Unlikely In Cincinnati

Posted: 29 Jun 2010 08:20 AM PDT

Lower property tax cap approved, but special session possible

Posted: 29 Jun 2010 04:38 AM PDT

(3 of 3)

Assembly Minority Leader Alex DeCroce, R-Morris, said the bill has too many exceptions to be effective and was hastily advanced when it was apparent Newark Mayor Cory Booker, a prominent Democrat, would endorse Christie's cap plan.

"There's no necessity for this bill," DeCroce said. "This is really just a bill that was put up by the Senate president to overcome the fact the governor was able to get the Newark mayor to support his position on the hard cap. It was done overnight. I don't think it was done with any real thought in mind."

Sen. Joseph Kyrillos Jr., R-Monmouth, proposed an amendment to Sweeney's legislation that would have enacted Christie's plan — a 2.5 percent cap with fewer exceptions — as a state law, rather than as a constitutional amendment. He lost in a nearly party-line vote, with every Democrat except for Sen. Jeff Van Drew, D-Cape May, voting down the change. Van Drew voted with the Republicans.

Kyrillos said hard-pressed families can't make exceptions while juggling bills, health-care costs and fill-ups at the pump.

"Municipalities and school boards need to make adjustments, revolutionary ones, ones above and beyond what they typically have come to know — to make efficiencies, economies of scale, consolidate, share services, deal with employee benefits and the like," Kyrillos said. "That's what a true cap will force. It is a measure designed to change the landscape, change the culture, change the way New Jersey does business, so we can again be one of the great states of America."

The Democrats' proposal, like Christie's, would allow local governments to "bank" any unused cap space for use in any of the following three years. For instance: If property taxes rose at 2.5 percent, then the government would be permitted to add 0.4 percent to its 2.9 percent increase the following year.

Christie's proposal would require approval by Senate and Assembly committees by July 7 in order to hold public hearings, win approval by the Senate and Assembly and be advertised through public notices by an early August deadline.

Instead, Oliver announced that she had divvied up the 33 proposals among 12 lawmakers who will study the issues over the summer, including at public hearings where testimony will be heard, with the intention of holding votes this fall.

Christie's cap plan will be examined by Assemblyman John McKeon, D-Essex, sponsor of the existing 4 percent cap and the proposed 2.9 percent cap. He said he'll be open to studying the idea but doesn't think highly of it, saying local health benefit premiums are likely to rise 20 percent and pensions by 7 percent.

"I hope that the governor embraces this particular bill," McKeon said. "As a sponsor and member of the Legislature, I'd be open to further discussion. But clearly a constitutional amendment and the hard cap are frankly irresponsible and will send us a path of massive layoffs and difficulties in delivery of services."

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Pay property tax or face action, no amnesty scheme: MCD

Posted: 29 Jun 2010 06:40 AM PDT

STAFF WRITER 18:58 HRS IST

New Delhi, Jun 29 (PTI) The MCD today asked citizens in the capital to pay their property tax or face strong action, saying that no amnesty scheme will be launched this year as many opportunities have already been given to defaulters.

The citizens can pay their tax by tomorrow and avail 15 per cent rebate. The civic body had kept all its property tax offices open this weekend to facilitate tax-payers.

"Stringent action will be taken against the defaulters including attachment of immovable properties and their sale or auction," chairman of 'special high-powered property tax committee' Ved Parkash Gupta said.

He said properties on lease are also under the property tax net and are supposed to pay their property tax.

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Cambodia to launch new property tax by end this year

Posted: 28 Jun 2010 11:48 PM PDT

Cambodian government is set to launch a new property tax by the end of this year, local media reported on Tuesday, citing officials at the Ministry of Economy and Finance.

Under the Finance for Management Law, passed in November, purchasers of constructions worth more than 100 million riels ( around 25,000 U.S. dollars) will be required to pay an annual tax worth 0.1 percent of property value.

"We are preparing a prakas to establish a committee to evaluate property and we will start implementing tax collection in the end of this year, as the National Assembly requires," Norng Piseth, chief of the Real Estate Division at the Ministry of Economy and Finance was quoted by the Phnom Penh Post as saying.

"It is very important for increasing national income," he added.

Although the new levy is not expected to raise large amounts of additional funds, as Minister of Finance Keat Chhon has estimated tax revenue would be between 3 million U.S. dollars and 9 million U.S. dollars, the government has voiced its ambition to improve tax administration.

About 180,000 houses that are under municipal and provincial administration would be covered under the new property tax, according to Hang Chuon Naron, secretary of state of the Finance Ministry.

Source: Xinhua

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