New York Yankees baseball player Alex Rodriguez paid $6 million for his new five-bedroom, 3,000-square-foot penthouse on Manhattan's coveted Upper West Side. While city assessment records say Rodriguez would normally owe approximately $60,000 each year in property taxes, thanks to a loophole in the city tax code called 421A, the Huffington Post has reported that he will pay only $1,200 this year.
That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
Click Here to Read: Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole...
Showing posts with label Property Taxes. Show all posts
Showing posts with label Property Taxes. Show all posts
Hildale Town Council Raises Property Taxes 237 Percent
The town council in the polygamous border community of Hildale voted to raise property taxes Tuesday night by a whopping 237 percent. The council did it to make up for a significant budget shortfall.
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Hildale city officials said they have not raised taxes in 15 years. The tax hike means about $550 would be added to the annual bill for a home valued at $250,000.
Click Here to Read: Hildale Town Council Raises Property Taxes 237 Percent...
Appeal Your Property Tax Bill
Owning a home is an expensive proposition. There’s maintenance, landscaping, utilities, renovations, and, of course, taxes. It’s your civic duty to pay the latter, but it’s also your right not to yield a penny more than your fair share.
It’s possible to trim your property tax bill by appealing the assessed value of your home. But making a case against your real estate assessment, the basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days, but the process can stretch out for months if you’re forced to file a formal appeal.
Click Here to Read: Appeal Your Property Tax Bill...
It’s possible to trim your property tax bill by appealing the assessed value of your home. But making a case against your real estate assessment, the basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days, but the process can stretch out for months if you’re forced to file a formal appeal.
Click Here to Read: Appeal Your Property Tax Bill...
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