Real estate tax reduction in the City

“The largest real estate tax rate cut in over a
quarter of a century or longer is being proposed, a 4 cent reduction,” said
O’Connell – from WCAV.

Instead of
helping qualified homeowners pay their tax bills, as the relief program does,
the city would put any tax increases resulting from higher assessments into an
escrow account payable upon the sale or transfer of the house. The homeowner
would use some of the profit from their home?s appreciation to pay off the
account.

This is great news –

One major item proposed was a four
penny drop in real estate tax. “The largest real estate tax rate cut in over a
quarter of a century or longer is being proposed, a 4 cent reduction,” said
O’Connell – from
WCAV
.

This idea may
have legs, proposed by Kevin Lynch – in the DP

Instead of helping qualified
homeowners pay their tax bills, as the relief program does, the city would put
any tax increases resulting from higher assessments into an escrow account
payable upon the sale or transfer of the
house.

The homeowner would use
some of the profit from their home?s appreciation to pay off the
account.

Email me
for a copy of Kevin Lynch’s white paper.

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