07-01-2008, 05:04 AM
The tax rate for resident homeowners with the homeowners exemption is low (this is not available for vacant land) - 10x less that we paid for the same RHO at the last home we owned.
Assesments have been very slow to catch up to the recent market for RHO, so off island owers are getting more realistic assesments, as are recent purchasers... There are many homes that have not seen much reassesment valuation since the mid 90's... an increase that should be very gradual in an area that has had sudden property value inflations
Add to that, the tax moritorium for seniors (even if the rest of the family lives in the home & is listed on the tax records...) and you can get incredibly low taxes -
I will state that I cannot understand a $50 property tax for a 3-4 bedroom home in a fairly well off area when there are 2 working adults living at the home & listed on the tax records... I do see a need for a way to assess this type of situation. (not sure I even understand the under $100 taxes for these homes, but definately not for the ones that have working adults in them!)
Assesments have been very slow to catch up to the recent market for RHO, so off island owers are getting more realistic assesments, as are recent purchasers... There are many homes that have not seen much reassesment valuation since the mid 90's... an increase that should be very gradual in an area that has had sudden property value inflations
Add to that, the tax moritorium for seniors (even if the rest of the family lives in the home & is listed on the tax records...) and you can get incredibly low taxes -
I will state that I cannot understand a $50 property tax for a 3-4 bedroom home in a fairly well off area when there are 2 working adults living at the home & listed on the tax records... I do see a need for a way to assess this type of situation. (not sure I even understand the under $100 taxes for these homes, but definately not for the ones that have working adults in them!)