Each year, property tax may vary because it depends upon two factors: 1) the local budget or tax levy, which is likely to increase each year, and 2) the total
assessed value of the community, which is the responsibility of the local tax assessor.
2 percent tax rate applies to property with an
assessed value of between 40,000 lats and 75,000 lats; a rate of 0.
And even a reduction of several thousand dollars in
assessed value may not lead to more than $30 to $50 a year off a taxpayer's bill, or even less.
As a result, the owner of a home with an
assessed value of $500,000 will pay an extra $720 annually by 2009 compared with $425 last year.
Assessed values have also experienced substantial increases due to both rising property value and new commercial and residential development, with
assessed values posting a strong 17.
Measure 50 changed Oregon law to tax property owners on the lower of two values: their property's real market value, or its maximum
assessed value, which is determined by the county.
District officials had said earlier that they were considering putting a $40 million bond issue on the June 6 ballot, which would result in an assessment of around $30 per $100,000
assessed value.
The amount cannot exceed 50% of the home's
assessed value in the first year of the exemption and decreases by 10% per year thereafter.
The district's economy is dominated by Disneyland and related Disney attractions - The Walt Disney Company accounts for a highly concentrated 23% of
assessed value.
The main reason for the decline is measures 47 and 50, pushed by anti-tax activist Bill Sizemore and passed by voters in 1996 and 1997, which cut property taxes and capped the annual rate at which a property's
assessed value - and thus the taxes - could increase thereafter.
The red-hot real estate market pushed the
assessed value of Los Angeles County properties up nearly 10 percent to a record $856 billion in fiscal 2005, the biggest hike in more than a decade, records released Thursday show.
Developers are simply seeking a five-year phase in- of the improvements that would follow the current transition assessment guidelines for any other in crease in
assessed value.
