REAL ESTATE TAX

86% of all respondents stated that it was either important or very important that the City institute transition rules to phase the changes in real estate tax assessment methods.

Three questions:

a. Do you believe that the tax changes should neither increase nor decrease total real estate tax receipts for the City?

b. The Tax Reform Commission recommended a three-year buffering program so that tax rates are applied to a rolling average of three years’ worth of assessments to eliminate spikes in a taxpayer’s bottom line tax bill. Would you support legislation to implement such a buffering program? If not, what would you do?

c. Deferments have been proposed to ameliorate the impact of increased tax bills for residents who are house rich but income poor with the tax deferments being paid at the sale of the house. How would you structure a deferment program and how would you define the appropriate income levels for participants in such a program?

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