“Property tax proposal on board’s agenda” plus 2 more |
- Property tax proposal on board’s agenda
- Richardson council member proposes replacing seniors' property tax exemption with freeze
- Tax law change will fix loophole
| Property tax proposal on board’s agenda Posted: 07 Aug 2010 10:03 PM PDT by anthony childress JONESBORO — The Jonesboro School Board is expected to discuss the school district's efforts to pass a property tax increase during its August meeting on Monday night. Board members will gather at 6 p.m. in the Administration Building, 2506 Southwest Drive. The proposal would raise the district's school tax from 30 to 33.1 mills, primarily to address infrastructure needs in the coming years. Last week, the board voted in special session to set up six polling sites for the Sept. 21 vote, a decision that was approved by the Craighead County Election Commission shortly thereafter. Donn Mixon, the board's legal counsel, said six locations are to be open for voting in September: MicroSociety magnet school; Health, Wellness and Environmental Studies magnet school; Visual and Performing Arts magnet school; International Studies magnet school; Math and Science magnet school; and Jonesboro High School. Patrons of the Jonesboro School District may go to any of those sites to vote. Other business Also on Monday's agenda, the board is expected to: • receive a monthly financial report from Belinda Locke; • be updated by Mixon on any legal matters; • consider petitions for student transfers in or out of the district; • appoint an ex-officio financial secretary; • renew the Arkansas School Boards Association Policy Service contract; • go into executive session to discuss employment and resignations; • receive reports from Superintendent Dr. Kim Wilbanks pertaining to truancy, Annie Camp Junior High School and federal programs; and • hear a presentation from Dr. Jane Jamison about federal programs affecting the district. Jamison is the director of those programs and testing for the district. Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Richardson council member proposes replacing seniors' property tax exemption with freeze Posted: 08 Aug 2010 08:17 AM PDT 10:17 AM CDT on Sunday, August 8, 2010A Richardson City Council member wants to set up a new property tax plan that would phase out tax exemptions for those older than 65. Council member Amir Omar would like to freeze taxes for current senior citizens but reduce or phase out the exemption for seniors in the future. Those who currently qualify would keep their exemption, which reduces taxes on their homes, and have their taxes frozen at the reduced amount. Those who turn 65 in the future would lose the exemption but get the freeze. That would set Richardson apart from the hundreds of Texas cities that have adopted a freeze and kept an exemption. Omar said his proposal would provide stability as residents plan for retirement because their city tax bills would be capped after they turn 65. While seniors in the future would lose the discount that the exemption provides, a freeze would give taxpayers a guarantee. Once in effect, a freeze could not be rescinded. "The exemption is wonderful, but it's not in any way permanent," Omar said. Richardson's exemption, pegged at 30 percent of seniors' average home value in the city, is currently $55,000. As home values rise, the council increases the exemption. The exemption lowers a home's value for tax purposes. For instance, a resident 65 or older who owns a home worth $200,000 pays taxes on only $145,000 of the value. Adding a freeze would mean that tax bill would not go up, though if property values or tax rates fell, the bill could decrease. Omar promised to propose the change during his campaign. Whether he will be successful is uncertain at best. Most Richardson council members have said they oppose a tax freeze. If they turn it down, voters could petition for an election on the issue. Some council members are philosophically opposed to a freeze. The city's current system works well, they say. "People are happy with the exemption," council member Bob Townsend said. "The ones I've talked to and in my circle of friends, they like the exemption." City staff members will analyze Omar's proposal and bring their findings back to the council this fall. Previous forecasts examining a freeze have assumed maintaining the current exemption. Cities have had to wrestle with large losses in tax revenue after enacting freezes. Plano, for instance, has lost nearly $2.3 million since 2004. An additional $779,912 would be lost to the freeze under the proposed 2010-11 budget. Richardson officials fear an even larger financial bite because a quarter of homes would qualify. That number has risen steadily over the past decade and is expected to grow as baby boomers age. Omar believes that cutting the exemption would result in a win for everybody. People over 65 today would see no change in their bills, future seniors would have their bills capped for life, and the city would no longer lose money to the exemption. Opponents say they want to keep as much flexibility with tax policy as they can. "What impacts are out there that we haven't thought of?" council member John Murphy said. "And we'll have to ask people – would you rather have something you know you can benefit from now, or do you want something that might benefit you in the future?" PROPERTY TAX FREEZES About 50 cities and counties in North Texas have enacted property tax freezes for people 65 and older since state law allowed it in 2004. School taxes are required to be frozen for seniors. Among those with freezes: • Collin County • Dallas County • Tarrant County • Arlington • Grand Prairie • Fort Worth • Lewisville • Mesquite • Plano • Rowlett • Royse City • Sachse • Sunnyvale • Wylie SOURCES: Collin, Dallas, Denton, Rockwall and Tarrant central appraisal districts Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Tax law change will fix loophole Posted: 08 Aug 2010 11:48 AM PDT  A tax bill introduced to Parliament last week will close the loophole exploited by "phoenix" schemes from next April 1. These involve Inland Revenue refunding goods and services tax to a GST-registered purchaser when no corresponding GST payment was made by the vendor because it was an associated entity and had been deliberately wound up before paying the GST. "This practice has been of particular concern in the property sector," Revenue Minister Peter Dunne said. "The bill will require GST-registered vendors to charge GST at a zero rate on most transactions involving land, or in which land is a component, if the purchaser is also GST-registered." The rules will not apply to land intended as the buyer's, or a relative's, main residence. Five Filters featured article: "Peace Envoy" Blair Gets an Easy Ride in the Independent. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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