Saturday, June 14, 2008
Tax Bill Arrived
My reconciliation property tax bill arrived in the mail today. The good news is that my tax bill is about $600 lower than the original bill I received last year. The bad news is that it's still a 56% tax increase over the 2006 tax bill. Fortunately, my mortgage company has been escrowing funds based upon the original 2007 tax bill I received, which means I have more than enough funds set aside to pay last year's reconciliation bill and this year's tax bill. This doesn't include the 2007 tax rebate of a few hundred dollars I'll soon be receiving in the mail. Under the property tax relief and reform plan signed into law earlier this year, homeowners will see an average of 30% savings on their 2008 tax bill, which Marion Co. taxpayers won't receive until sometime this fall. By 2010, homeowners' tax bills will be capped at 1% of the property's assessed value, providing even further property tax relief. Will this be enough to tamp down property tax protests?