The branch’s payroll tax will be reduced in the city’s new offer
The first measure they propose is to increase the city liberation of the manorthat lowers the appraised value of the primary residential property, thereby lowering the property tax. The exemption has now reduced the appraised value of the property by $ 45,000. The new proposal will increase this exemption to $ 65,000, which officials say will save more than $ 900 for most homeowners.
The plan also proposes to increase funding by 20%. Longtime Owners Program (LOOP)an income-based program that limits property tax increases for homeowners who have lived in their homes for more than 10 years and are experiencing significant increases in property taxes.
Dubov said they are also working on additional assistance efforts, including lowering rents, and expanding coverage to improve participation in existing programs, including A program to freeze the tax for senior citizensand Owner Payment Agreement (OOPA)which can help protect against the risk of foreclosure.
The package also includes a “substantial” reduction in the city’s payroll tax, Dubov said, from 3.84% to 3.7% for residents and 3.44% for non-residents – the lowest wage tax rate, officials say. 1976.
“The payroll tax has indeed been one of our heaviest taxes for decades, and the opportunity to reduce it and help taxpayers is something we thought was very important,” Dubov said.
“The payroll tax was seen as affecting the largest number of people across the city, whether they owned property or not,” added Anne Nadol, director of urban commerce. “And really going to give a signal that we are open to business. We are aware of this, the competitive advantage that the payroll tax has put us in, and that we continue to commit to trying to reduce it as much as possible. ”