Highland Park targeted for 100% property tax break
From NBC12 via CHPN (which I will lazily quote):
City Council is considering offering a hefty tax break on the real estate taxes for new constructing in certain areas with a high number of empty lots, “including North Church Hill, Carver, and Highland Park”. With around 1500 vacant lots in the city, the possible 100% exemption on real estate tax for 5 years could be expected to lead to 200 new homes per year.
Dang, that’d be nice.
I hope the homes are built with keeping of the design of the neighborhood.
There are some great homes in the neighbohood and would hate to see crapping designed house built.
Awesome. So in five years when the new homeowner gets hit with a $2,000 property tax bill that he/she won’t be accustomed to paying, the house goes into foreclosure. Let’s be sure to do this.
That’s silly, Jim.
Jim – The bank usually collects the tax bill via monthly mortgage payment which would increase a person monthly payment to the bank to by $40 to $50. Also the program steps tax bill up so person isn’t hit with a big bill at the end of the program.
Jim please do research before you react.
If approved, the new houses would be tax exempt for five years. The value of the neighborhood would go up, thereby raising the taxes of…the existing property owners.
Yes that is true but the increase will not be as great as the new houses. Also it increases the existing proptery owners “wealth” and quality of life.