Building tax

• Cities, counties, and school districts in a region each have the power to levy taxes against the properties within their boundaries, and property tax rates for each jurisdiction are calculated separately. • Then, all the levies are added together to determine the total tax rate—what’s called a mill rate—for an entire region. • Property taxes are calculated by taking the mill rate and multiplying it by the assessed value of your property. • The market value of your property is assessed by using one or a combination of three methods: performing a sales evaluation, the cost method, and the income method. • The market value is then multiplied by an assessment rate to arrive at the assessed value. Assessing Property Tax Different property types have various types of tax assessed on the land and its structures. For example, vacant land will have a significantly lower assessed value than a comparable piece of property that is improved, and as a result, it will have lower property taxes. If there is access to public services, such as sewer, water, and gas, then the land assessment might be higher. If the Property taxes are a major source of income for city and county governments. The different boards, councils, and legislatures meet to decide the appropriate rates. They hold budget hearings to determine how much money needs to be allocated for providing the various services required by the local community. These services—such as education, transportation, emergency, parks, recre...

• Make sure you review your tax card and look at comparable homes in your area for value discrepancies. • Don't build or make changes to your curbside just before an assessment as this may increase your property value. • Walk through your home with the assessor so you can address all points that could affect its assessed value. • Look for local and state exemptions and consider appealing your property tax bill if you believe that it's incorrect. • Property taxes are calculated by multiplying your municipality's effective tax rate by the most recent assessment of your property's value. Property tax revenue is used to fund local projects and services such as fire departments, law enforcement, local public recreation, and education. Although these services benefit all residents, property taxes can be extremely burdensome for individual homeowners. Some states have more 1. Ask for Your Property Tax Card Few homeowners realize that they can go down to the town hall and request a copy of their property tax cards from the local assessor's office. The tax card provides the homeowner with information the town has gathered about their property over time. Keep in mind, your property is essentially being compared to your neighbors' and others in the general vicinity during the evaluation. While it may be difficult, resist the urge to primp your property before the assessor's arrival. You should be able to plan ahead because the assessor normally schedules a visit in advance. For examp...

A tax break has been approved for a developer planning to restore a historic – and very unique – apartment building in Springfield, Massachusetts. The Springfield City Council voted unanimously to approve a tax increment exemption agreement with Davenport Advisors, which plans to restore and redevelop the landmark century-old apartment building at 169 Maple Street in the Maple High-Six Corners neighborhood. “We’re excited about this project,” said Charlies Irving, founder and President of Davenport. The company plans to invest $3.5 million to return the building to the city’s apartment rental market. The tax exemption agreement will save the developer an estimated $135,000 over 10 years, according to the city’s Office of Planning and Economic Development. The five-story brick building contains only 11 apartments. Each is about 2,000 square-feet with three bedrooms, two baths, a full living room, and dining room. It is truly unique in the Springfield housing market said Joy Martin of Davenport. “What it offers to the city is a larger living space for extended families to live together,” she said. Based on market rates, monthly rents will be $2050, according to the developer. City Councilors are very familiar with the project. It was before them twice last year. Councilors voted to authorize $250,000 for the project from the Community Preservation Act program. They also approved a special permit for the construction work. Located in the Ridgewood Historic District, the build...