A comment was left on a previous post about how the Caldwell School District override will cost property taxpayers $10-$20/month and how is that calculated. I will try to answer this as it can get confusing for a lot of taxpayers.
There are two components to arrive at your actual property taxes you are obligated to pay. It is the levy rate and the assessed value of your property. Throw in the exemption of 50% of the assessed value up to a maximum of $104K if you house is assessed high enough and you arrive at a taxable amount on your home.
EXAMPLE:
Your home is valued at $200K by the County Assessor, less 50% homeowner exemption brings the value down to $100k of actual taxable value.. In general, you can apply about 2% to the $100k and your property taxes will be $2,000.00 in the City of Caldwell before the school levy is applied.
If the school levy adds another $136.00/$100K of taxable value your property taxes will rise to $2136.00. In the comment the reader wanted to know how the additional $10-$20/month is figured. In this example, the additional taxes per month would be $136.00 divided by 12 months equals $11.33 per month tax increase for this particular example.
We will all getting our new assessed values on our properties right after the May primary election. You should be able to figure the increased taxes very easily when you get this information. Some people will be more and some less. The higher your assessed value the more you will pay.
The Caldwell school override election will be held on Tuesday, May 18th, 2010 at a school near you if you live in the Caldwell School District 132.
Friday, May 7, 2010
6 comments:
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Property values in Caldwell are hovering around 50% of what they were three years ago. It will be interesting to see if the new assessed values reflect this new reality and if cities and counties automatically rub salt in the wounds of homeownership with increased levy rates.
ReplyDeleteTax rates in Canyon County will be down an average of 13%. Some school taxes are dollar driven. Some school taxes are rate driven. Rate driven taxes float with the values. More value, less tax. Higher value, more tax. Dollar driven levies are guaranteed to yield the same revenue to the taxing entity regardless of the property values. Lower values (like a 13%) will result in higher taxes for all property owners.
ReplyDeleteSupplemental levies are dollar driven taxes. Plant Facility Levies are dollar driven levies. Without asking for increases in existing plant facility and supplemental levy amounts, taxes are going up. But, they are asking for not the same, but increases in these. Taxes will be going up considerably.
We're paying the extra penny in sales tax to make up for property tax relief and now the relief is gone. Thanks Governor Risch.
Paul, it's not a bond that they are proposing. They are asking for increases in the supplemental levy and increases in plant facility levy. Different cats.
ReplyDeleteI went back and read the above post again and the the word "bond" is not contained in this post.
ReplyDeleteThere was some confusion in an earlier post.
This is a levy override and it will take 50% plus one vote (simple majority) to pass by those actually taking the time to cast a vote Tuesday, May 18th.
No matter whether you call it a bond , assessment, emeergency levy, sales tax, or any of the dozens of fees and taxs we pay it all has to come out of the same pocket.
ReplyDeletehttp://choiceineducation.iptblogs.com/
ReplyDeleteAn informed opinion on the proposed tax hike.