Wednesday, October 01, 2008

Prepare For Higher Taxes

Last year at tax time there were some mumblings that our property taxes may increase as much as 9% by the next tax year. Now there are louder grumblings of up to double digit increases. I would bank on the higher and hope for the lower.

"Council will begin debate next week on a draft budget expected to contain a whopping tax hike of about 9%, though some speculate it could be in the double digits.

Mandel said he wants the city to develop a strategy now to explain to homeowners why property values are going down while taxes are expected to soar."

I am waiting with bated breath to hear the strategy that convinces me my lower property values warrant higher taxes. It will have to be pretty good.

Of course you can contest your assessment, this works especially well if similar properties in your area are selling for less than you were assessed at. If you aren't will to file a complaint or feel the values are pretty accurate then you must start putting a larger percent of your rental income into a tax file to prepare for the ding.

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