“Mayo: Broward property tax riddle: Values fall, bills rise” plus 1 more |
| Mayo: Broward property tax riddle: Values fall, bills rise Posted: 23 Aug 2010 09:15 AM PDT Now that annual property tax notices have started arriving in Broward homeowners' mailboxes, I've started hearing the usual annual riddle: How come my home's value keeps sinking but my proposed tax bill is going up? The simple answer: Tax rates and fees keep rising, enough to offset a drop in taxable value. And some longtime owners keep seeing increases in taxable value, even though the market value has fallen. That's because of the double-edged sword of Florida's Save Our Homes provision, which for years has kept the taxable value artificially low but is allowed to rise each year until it catches up to the market value, even in a down housing market. The main components of a property tax bill: your home city's taxes and fees, the Broward school board's and Broward county's. Every owner's situation is unique, but I'll use my own as an example of the falling value/rising tax bill paradox. My overall bill for this year is set to be $48 higher than last year, $3,097 vs. $3,049. That's a 1.5 percent increase. Yet for the first time since I bought my home 10 years ago, my taxable value actually went down, from $166,570 to $157,960. That's a 5.2 percent drop. So what's to blame for my increase? In my case, my city ( Dania Beach) is the villain. My overall city share, including fees for garbage, sewer and fire services, is going up $96, from $1,095 to $1,191. That's an 8.8 percent increase. I wonder how much of that is going to feed the beast of public-sector union pensions, the third rail of local politics. In context, a $48 increase on a $3,000 tax bill isn't going to break me. But it just goes to show how the property tax game is stacked against homeowners. When the housing market rises, bills go up. And when the housing market falls, bills can still go up. Some racket. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Tax levy down, property values up Posted: 23 Aug 2010 11:48 AM PDT The North Platte Telegraph Property owners could see a slight decrease in the amount of taxes they pay to the city of North Platte if the 2010-11 budget is approved as submitted. The 1.15 percent decrease in the overall city levy reflects the city's general fund, its fire and police pension fund and the amount levied to repay the city's debt. Projected property valuations in North Platte have increased an estimated 1.7 percent this year, from $1.18 million to $1.2 million. The city is asking for $3.25 million in property taxes for 2010-11, making up 14 percent of the general fund budget. "The amount of property tax the city receives each year has remained the same for several years," said City Administrator Jim Hawks noted. "Since we kept that amount fixed and valuations grow, we are able to lower the levy." The total city levy (excluding the Airport Authority) is projected at 47.46 cents per $100 of valuation, compared to 48.01 cents per $100 in 2009-10. Presenting the budget to the city council Tuesday night, Mayor Marc Kaschke said it represents the second consecutive year of significant cuts and/or flat spending. Hawks took the council through the proposed budget line by line, beginning with projected revenues and continuing his way through several city departments before time ran out on the council's first budget work session. The sessions will continue today and Thursday at 5 p.m. at the Public Service Building conference room. Hawks noted that sales tax revenues, which comprise 29 percent of the general fund's money, are projected at $6.9 million for 2010-11, up $100,000 from 2009-10. The proposed budget shows no cost of living increase for any city employees, including police and fire. Hawks told the council that negotiations with the unions are underway and they are working towards a goal of extending the current contract with no increased. Kaschke praised the employees for their willingness to sacrifice this year by forgoing raises. The economic situation across the state continues to be challenging," Kaschke said. "To address this reality, we put the city on a diet. We didn't try any fad or crash diets. We worked diligently to trim expenses and remain committed to shrinking city government's waistline." It's a budget to be proud of, Kaschke said, and it reduces taxes and invests in the city's future. Click on this story at nptelegraph.com to post your comments, or e-mail diane. wetzel@nptelegraph.com. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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