I know it has been discussed. I never did understand the previous
discussions and may not understand any future discussions. If someone
could put it in a simple language I will understand.
jb
On 12/01/2011 01:32 PM, Joshua Fruhlinger wrote:
Judy, I believe that this has been discussed on the list at length previously,
but the short answer is that without the homestead credit your taxes would have
gone up much more than they did.
jf
On Dec 1, 2011, at 11:48 AM, judy berlin wrote:
I had my taxes go up as a result of the homestead act, How does that work? What
is the benefit if any of the homestead tax?
judy
On 11/30/2011 08:58 PM, Stephen J Gewirtz wrote:
I received an ad in the mail today from an outfit called "Value Appeal." It
shows that my current assessment is $178,600 (the correct figure) and that if I pay them
$99, I should be able to reduce my assessment to $124,285 based on information they will
supply concerning comparable sales. Since a house two doors from mine just sold for
$200,000 in September, I find it hard to believe the claim. The ad also claims that I
can reduce my real estate taxes by a total of $3690 until the next reassessment (in
January, 2014). Because of the homestead tax credit, I know that that is totally false.
And I have no idea whether the advertiser is or is not legitimate.
If you have owned your house for a number of years, you probably had your
assessment go way up in January, 2008 and then go down last January. But
thanks to the homestead tax credit, you probably are being taxed on nothing
close to your assessment. Five years ago, my assessment was a little more that
$83,000, and thanks to the homestead tax credit, my effective assessment has
gone up by only 4% per year compounded for City and CVCBD tax purposes and 10%
per year compounded for State tax purposes. Therefore, I really gain nothing
by lowering my assessment to $124,285 even if the claim that I can do so is
true.
On the other hand, if you bought your house just a few years ago and were
reassessed almost immediately based on having paid a high price during the real
estate bubble, you might gain by appealing your assessment since you are
getting little or no benefit from the homestead tax credit. At the same time,
it is not hard to get information about comparable sales without paying $99.
According to the ad, an appeal has to be filed by December 31 (I just looked
online, and the deadline is the first business day after January 1). You have
the right once a year to appeal/protest your assessment.
Let me add that CVCBD was told by the City to expect a further reduction in
assessments when we are reassessed again in January, 2014. Nationally, because
of the number of foreclosed houses that have yet to go on the market, prices
are still dropping and are expected to continue to drop. I have no idea what
is happening with home prices in Charles Village.
Steve
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