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your_city_councilor t1_iuiqsam wrote

I was planning on voting yes, but just read this article and came across this bit:

>The measure would add a 1.5% surcharge on residents' annual assessed property tax beginning in July 2023. The first $100,000 of residential and commercial-industrial property value will be exempt from the surcharge. Low-income families and low- to moderate-income senior citizens who own homes will also be exempt from the surcharge.

The average resident will pay $44.45 while the average commercial taxpayer will pay $604.58 if the measure is passed.

I'd previously heard the $44.45 number before, but not the way it's calculated. If you've got a little house that's worth $300,000, and the chop off the first $100,000, that means you're taxed at 1.5 percent on $200,000, right? And 1.5 percent of $200,000 isn't $44.45, but $3,000.

Would the person owning a house like the one described be paying $44.45 or $3,000 more?!

Now I'm thinking I need to vote no, unless someone can explain why I'm off in my calculations or the premise.

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entropyvsenergy t1_iuiwahp wrote

It's 1.5% on top of the tax not on top of the house value. So if you own a $700k house, your tax bill is likely around $8,000 so this would add $120 (1.5% of $8,000) to your tax bill.

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