Re: New Tax Rate is Insane!
Posted by JC_rider on 2018/3/12 0:00:41
Does anyone know how to remove tax abatement from a property? Just got the new assesment and heading to City Hall tomorrow.
Bought a condo on Westside last year near Mallory and knew taxes were too high because it was originally sold at peak of 2005 with abatement. Now I get a tax bill and city is increasing the % on the improvements. If I were to get rid of the abatement it will save me more than 30% for 2018! Kicker is with abatement dropped some of that money will go to school system that badly needs it.
We knew that people in Greenville, B/L & Westside were subsidizing rest of downtown Hamilton Park but this is just crazy.If you have an abated property make sure to compare what it would be without it.
Yvonne, do you have anything to say about this?
I find it interesting because only improvements can receive an tax abatement. Land is taxed normally.
Are you seriously suggesting that because of the reval, your taxes are going up and you would pay 30% less if you were taxed normally?
Can anyone else help me understand this situation?
It's really a question for the tax office. Under a standard 5-year abatement for improvements, you get something like a 25% exemption. That exemption should apply to the post-reval assessment if you're still in the abatement period. What you can't do is appeal taxes during an abatement.
Sounds like JC_Rider is in one of the piloted properties that has a longer abatement. Different rules to the 5-year. Need an expert to figure it out - might even be worth hiring an attorney to renegotiate.
Clarification on original post: Quarterly land taxes are going up from $210 annually to 670! I said it backwards before land vs improvements. Pilot part staying same around $4250 but total adds up to $4870 annually with abatement. 2018 assessment is 192K. Without abatement it should be $3110 using 2018 assessment at 1.62 rate. My math was way off on the original post as well. I will be paying %55 more ($4870-$3110=$1760! )
I knew the taxes were high when picked up the property last year and spoke a lawyer. He told me to hold off until reval & new tax rate comes out since abatement is good until 2025.
Spoke to abatement & tax office and I have to submit in writing to drop the abatement. They warned me that once dropped can't get it back. I don't expect taxes to go up 55% until 2025 and keeping abatement is a guaranteed 55%+ until 2025!. I am going to drop the abatement but they told me that deadline was Oct 31. Going to talk to lawyer to see if it can be done sooner.
Abatement office told me about the credit and my taxes should stay the same as 2017 but even that is a crazy over payment.
2017 annual $4460- 2018 at 1.62 rate of 192K assessed value is $3110. $1350 or %43.4 over payment!
I think all my neighbors have been overpaying since 2008 market crash in this complex because original purchase was at the peak with abatement.
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