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Keyword: propertytax

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  • Rahm Emanuel raised taxes.. pension funds.. The shortfall still ballooned by $7 billion.

    10/03/2019 7:44:16 AM PDT · by george76 · 27 replies
    Rahm Emanuel raised taxes to get city worker pension funds on a ‘path to solvency.’ The shortfall still ballooned by $7 billion. ... A record-high property tax increase. A new tax on water and sewer service. A higher 911 emergency fee on telephone lines... Emanuel’s series of tax hikes was painful, but he promised the extra money was part of a plan to get the woefully underfunded city worker pension funds on a “path to solvency.”.. in the four years since .. The pension funds are actually worse off. When Emanuel pushed through the tax hikes, the city worker retirement...
  • The IRS Is About To Limit Those SALT Caps: They're Looking at You, New York!

    06/13/2019 9:10:24 AM PDT · by SeekAndFind · 75 replies
    Hotair ^ | 06/13/2019 | Jazz Shaw
    When the tax cuts were passed in 2017, one major sticking point was the limit on how much of your state and local taxes (SALT) could be listed as a deduction on your federal return. The amount was capped at $10,000 and this brought howls of protest from Democrats, particularly those from higher-income states like New York and California. They quickly got to work seeking to thwart the rules by allowing taxpayers to “donate” the extra amount to a “charity” set up specifically for the purpose of evading the law. That’s about to come to a halt, as a...
  • Gov. Abbott signs property tax reform bill

    06/12/2019 4:30:56 PM PDT · by bgill · 21 replies
    cbsaustin ^ | June 12, 2019 | staff
    Tightening the leash on property taxes in Texas is now a reality. Gov. Greg Abbott signed a bill into law Wednesday capping how much cities and counties can raise property taxes, and generally requires an automatic tax ratification election for cities, counties and some special districts... With the new law, the most cities can charge without an election now will be 3.5%, as opposed to the old limit of 8%.
  • Nassau County homeowners sue County Executive Laura Curran over property tax reassessment

    05/02/2019 7:45:35 AM PDT · by SeekAndFind · 18 replies
    New York Newsday ^ | 05/02/2019 | By Celeste Hadrick
    Four Nassau homeowners filed a lawsuit Tuesday against County Executive Laura Curran, contending the county’s reassessment is arbitrary, secretive and violates state and federal constitutional guarantees of equal protection and due process. The suit filed in state Supreme Court asks that the county be barred permanently from levying or collecting taxes based on new home values, which are scheduled to become final next month. It also asks the court to order and supervise new annual “scientific” property tax assessments for Nassau’s more than 386,000 residential properties. “The public record demonstrates that the countywide reassessment was performed in an extremely rushed...
  • Mayor Adler: 'We may be forced to cut public safety budgets'

    04/19/2019 7:22:10 AM PDT · by bgill · 36 replies
    kvue ^ | Apr. 18, 2019 | Chris Betts
    The City of Austin may be forced to cut emergency services like adding more police officers and firefighters if the state legislature has its way. That's according to Austin Mayor Steve Adler, who adamantly disagrees with Senate Bill 2 (SB 2) and House Bill 2 (HB 2), which aim to cap property tax revenue for all Texas cities. The Senate passed the revenue cap bill earlier this week, which prohibits cities from raising property taxes more than 3.5% a year without a vote. A bill that has yet to pass in the House places a similar cap at 2.5% but...
  • Property tax roundup: Oak Park, Maywood, Stone Park have highest tax bills in West Cook County

    03/11/2019 9:55:34 AM PDT · by george76 · 29 replies
    West Cook News ^ | Mar 10, 2019 | Chicago area
    Vikki L. Pryor paid $757,000 for a four-bedroom, four-bath home at 1001 N. Euclid Ave. in northeast Oak Park in August 2005, or $975,657 in today’s dollars. The home sold on Feb. 26 for $590,000, or 40 percent less than what she paid for it. Pryor’s property taxes rose over the same period. They were $9,249 when she bought the home in 2005, an effective tax rate of 0.9 percent. Last year, they were twice that -- $20,652, or 3.5 percent of her sale price. All told, Pryor paid $207,132 in property taxes over 13 years of ownership. Pryor's story...
  • Ocasio-Cortez's mom left New York City over property taxes

    03/05/2019 8:54:55 AM PST · by a little elbow grease · 19 replies ^ | 3/5/19 | NY Post
    The mother of soak-the-rich congresswoman Alexandria Ocasio-Cortez said that she was forced to flee the Big Apple and move to Florida because the property taxes were so high. “I was paying $10,000 a year in real estate taxes up north. I’m paying $600 a year in Florida. It’s stress-free down here,” Blanca Ocasio-Cortez told the Daily Mail from her home in Eustis, a town of less than 20,000 in central Florida north of Orlando. The mother-of-two — who calls herself BOC — said she picked Eustis because a relative already lived there and right before Christmas 2016 she paid $87,000...
  • Ocasio-Cortez’s mom moved to Florida to escape NYC’s property taxes

    03/05/2019 7:47:27 AM PST · by grundle · 10 replies
    New york Post ^ | March 4, 2019 | Bob Fredericks
    The mother of soak-the-rich Congresswoman Alexandria Ocasio-Cortez said she was forced to flee the Big Apple and move to Florida because the property taxes were so high. “I was paying $10,000 a year in real estate taxes up north. I’m paying $600 a year in Florida. It’s stress-free down here,” Blanca Ocasio-Cortez told the Daily Mail from her home in Eustis, a town of less than 20,000 in central Florida north of Orlando. The mother of two — who calls herself BOC — said she picked Eustis because a relative already lived there, and right before Christmas 2016, she paid...
  • Proposition 13 is no longer off-limits in California

    12/27/2018 7:48:52 AM PST · by Navy Patriot · 111 replies
    The San Francisco Cornholicle ^ | December 26, 2018 | Joe Garofoli
    Proposition 13 is untouchable. That’s been the thinking for 40 years in California. Politicians have feared for their careers if they dared suggest changes to the measure that capped property taxes, took a scythe to government spending and spawned antitax initiatives across the country. However, that is beginning to change. With Republican influence in California on the wane and ascendant Democrats making tax fairness an issue, advocates are confident that the time is right to take a run at some legacies of the 1978 measure.
  • After the Retail Apocalypse, Prepare for the Property Tax Meltdown

    11/16/2018 4:48:13 PM PST · by Zhang Fei · 12 replies
    CityLab ^ | Nov 14, 2018 | Laura Bliss
    WEST BEND, WI—Kraig Sadownikow doesn’t look like an anti-corporate crusader. The mayor of West Bend, Wisconsin, stickers his pickup with a “Don’t Tread on Me” snake on the back window, a GOP elephant on the hitch, and the stars-and-stripes logo of his construction company across the bumper. His fiscal conservatism is equally well billboarded: In the two hours we spent at City Hall and cruising West Bend in his plush truck, Sadownikow twice mentioned the 6 percent he has shaved off the Wisconsin city’s operating budget since becoming mayor in 2011, and stressed its efforts to bring more business to...
  • The Latest Cockamamie Scheme: Will the Split-Roll Property Tax Destroy California?

    09/02/2018 9:37:39 AM PDT · by SeekAndFind · 32 replies
    American Thinker ^ | 09/02/2018 | By Wayne Lusvardi
    Eight hundred fifty thousand signatures have been gathered in California in support of a voter initiative that would supposedly increase property taxes by 2020 for commercial and industrial properties to get around Proposition 13 property tax protections.  The initiative would leave small business and residential properties alone.  It is called the California Schools and Local Communities Funding Act.  But raising property taxes on leased commercial properties would result in lower tax revenues. What Is Split-Roll Property Tax? A split roll tax means applying a tax formula for commercial and industrial properties different from the formula applied for residential properties.  The tax roll is...
  • Myths of the SALT Deduction: Capping it was good policy, not a partisan assault on blue states.

    08/23/2018 9:39:17 AM PDT · by SeekAndFind · 6 replies
    National Review ^ | 08/23/2018 | Joshua T. McCabe
    As part of the Tax Cuts and Jobs Act of 2017, Republicans capped the state and local tax (SALT) deduction at $10,000. This was an important provision as it helped offset revenue losses in the least harmful way possible. Most tax-reform advocates recognize that the SALT deduction is wasteful, inefficient, and regressive. This is why Reagan tried to eliminate it as part of the 1986 tax reforms. Nonpartisan advocates of tax reform should be celebrating RepublicansÂ’ recent success in chipping away at it.This has not stopped some Democratic partisans from framing the SALT-deduction cap as part of a sinister plan...
  • Study: There are now more dogs than children in east Austin

    05/30/2018 11:14:15 AM PDT · by bgill · 49 replies
    kxan ^ | May 30, 2018 | Alyssa Goard
    The Institute for Urban Policy Research Analysis at the University of Texas at Austin found dogs now outnumber children in east Austin nearly two to one, a statistic they say is a signifier that gentrification is alive and well there...The researchers noted that between 2000-2010, the neighborhood's black population decreased by 60 percent, its Latino population decreased by 33 percent and its white population increased by 442 percent.They reported that Austin was the only fast-growing major city in the U.S. to show a decline in African Americans between 2000 and 2010. The research, which was published this spring, documented a...
  • Is California ready for a Proposition 13 overhaul?

    02/07/2018 9:04:31 AM PST · by EagleUSA · 34 replies
    San Jose Mercury ^ | 2/7/2018 | Katy Murphy
    A new ballot initiative that takes aim at how commercial properties are taxed under California’s Proposition 13 could raise $6 to $10 billion more each year for schools and and other programs and services, according to a new analysis by the Legislative Analyst’s Office. At the heart of the initiative, which is still being reviewed by the state attorney general’s office, is a property tax law enshrined in the state constitution since 1978. Proposition 13 caps taxes for all kinds of properties — residential and commercial — at 1 percent of a property’s purchase price, allowing for increases of no...
  • Giving Grandma a tax break to get more homes on the market: realtors’ Prop. 13 ballot proposal

    12/11/2017 12:57:32 PM PST · by NohSpinZone · 13 replies
    San Jose Mercury News ^ | 12/11/13 | Katy Murphy
    SNIP The proposal from the California Association of Realtors would expand Proposition 13, the landmark constitutional amendment passed by voters in 1978 that has kept homeowners’ property taxes artificially low over the years, even as their home values have doubled or even quadrupled. Under the initiative, homeowners who are over 55 or severely disabled would be able to keep those lower tax obligations for life, regardless of how many times they move, as long as they stay in California. SNIP
  • My Proposal for a Real Property Tax Civil Rights Act

    10/31/2017 10:03:13 AM PDT · by Brian Griffin · 41 replies
    10/31/2017 | Brian Griffin
    I propose to replace the present ad valorum real property taxation system, which: a. is racially discriminatory b. leads to significant school funding discrepancies c. encourages governments to drive housing prices out of reach d. causes high value housing owners not to want lower-priced housing in their communities. Financially, it would mainly impact California, Connecticut, New Jersey and New York. Each building would be taxed after December 31, 2020 as follows: $L for each studio and each one-bedroom apartment $2L for each two-bedroom apartment $3L for each three-bedroom or larger apartment $3L for an attached/detached house or maisonette plus $L/1000...
  • Cutting SALT From the Federal Tax Diet

    10/19/2017 10:24:31 AM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 10/19/2017 | Veronique De Rugby
    In the quest for a better tax code, it shouldn't be difficult to agree that a tax deduction that mostly benefits rich people and subsidizes high-tax state and local governments must go. That's what the state and local tax, or SALT, deduction does, and it was rightly slated for termination in the tax reform framework by the "Big Six," to the displeasure of some in Congress. Resistance from these lawmakers, however, is misplaced, because a repeal of SALT -- alongside other reforms in the plan -- would most likely leave the vast majority of taxpayers better off and our tax...
  • Republican call to strip property tax deduction spurs outcry from blue states

    09/28/2017 12:54:19 PM PDT · by alancarp · 71 replies
    FOX News ^ | 9/28/2017 | Brooke Singman
    Homeowners in tax-happy blue states could find a bitter pill inside the new Republican tax plan, which would kill their ability to write off the property taxes that can cost even middle class families more than $10,000 per year. The plan rolled out Tuesday would keep in place deductions for mortgage interest and charitable donations. But, in a move to help offset other major cuts in the plan, many other itemized deductions would be scrapped. ... New York Democratic Gov. Andrew Cuomo slammed the proposal, saying the loss of the deduction could cost New Yorkers more than $17 billion. “It...
  • Second home buyers in Healdsburg could be subject to an additional property tax

    08/27/2017 5:29:27 PM PDT · by rey · 46 replies
    Press Democrat ^ | 27 Aug 2017
    Recently elected Healdsburg City Councilwoman Leah Gold says she has no gripes with people who want to have a second home in her desirable town in the heart of Wine Country. But she also believes they should pay more for the privilege. It’s the empty homes held for investment or occasional use that Gold is targeting because she says they diminish housing stock, drive up real estate prices and alter the face of the community. She said it could take the form of an annual 1 percent tax on the assessed value of a home if it is neither someone’s...
  • New property tax approved for New Orleans firefighter back pay

    12/11/2016 12:44:18 PM PST · by BBell · 10 replies | The Times-Picayune ^ | 12/11/16 | Greg LaRose, | The Times-Picayune
    New Orleans voters have endorsed Mayor Mitch Landrieu's plan to satisfy decades of owed back pay to city firefighters, many long retired. They approved a new property tax Saturday (Dec. 10) that will generate nearly $9 million annually for the next 12 years to satisfy a $75 million settlement in a long-standing lawsuit between the city and firefighters. The 2.5-mill tax adds $87.50 to the tax bill of a home valued at $350,000, plus $25 for each additional $100,000 in value. For commercial properties owners, another $35 per $100,000 in value will be collected. The city has already made a...