COM 0118.018 2002-2004 - Laserfiche WebLink

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FROM TCMCH PHONE NO. 13088[359226 RUG. 20 2004 04:58PM P2 ne ly built and newly bought houses payiteg a substantially higher rate than auntie who has beep living in the same house £or 30 years. This would also benefit the people who etc living in shacks they own in the poorer areas of the island. It would make all of us less hostage to the ewcomers. And people who were born here and just bought their first house would pay at the educed rate, having lived here 2C>-30 years. Once a law like this is passed, people considering moving here for the Srst time would be ptelJared to pay the higher assessments and would come if they could continue to pay a greater portion of the island's property tax income. For ex mplc, those who didn't file as full-time until tax year 2003 would get an increase [n i ; pro rty tax. Those who first filed as full-time residents for tax year2.000-2002 would slay 'tile une. Those who first filed as full-time residents for tax yeaz 1999 or earlier would get a pro rty tax reduction from the current assessment rate. Those not filing as full-time resi ants would pay the current assessment. The percentage reduction from the current rate that homeowner gets with this formula would he carried until the homeowner sells the honte and oyes out of state. That way, if the homeowner had a couple of kids and moved up to a bi r house, his reduction would still apply. [TO keep people from marrying hxally to get a low r rate, if a house is co-owned by a couple at different reduction levels, it would be easy to hav lines on the assessment form that elicits each person's reduction Icvel, adds them loge her, and divides by two.] And to etcourage more rental housing, there could be a separate reduction based on how many housing units you rent for under a certain amount. That is, some kind of formula that rewards low-cost rentals at different sizes of houses. For example, 1-bedrooms under $600/month, 2- bedr(wms under $1200, etc. Though, rather than measuring in bedrooms, which encourage landiords W have many tiny rooms, basing it nn a measurement of square feet. Sincore~y, I i~~ i Y I i ' Ii II t' ~ i I