Latest news with #propertytax
Bloomberg
a day ago
- Business
- Bloomberg
Million-Dollar Tax Bills Pile Up After Palm Beach Wealth Boom
Ken Griffin has made his mark throughout South Florida, shaping politics, luring businesses and amassing luxury real estate. In Palm Beach, he's also picked up a particular distinction: a property-tax bill exceeding $10 million. It's a tiny sliver of the Citadel CEO 's $48 billion fortune. But it makes him the Palm Beach homeowner with the largest property-tax assessment, at a time when the enclave has seen its coffers swell after a pandemic-fueled wealth boom.
CTV News
2 days ago
- Business
- CTV News
Vancouver mayor asks staff to look at property tax increase scenarios as low as 0% for 2026
Vancouver's mayor has told city staff to draft a 2026 budget with no property tax increase – raising concerns over the potential for slashed services.
Yahoo
2 days ago
- Politics
- Yahoo
B-R high stakes override votes are Saturday and Tuesday. Taxes, cuts, where, when and more
Bridgewater and Raynham voters will be heading to the polls in the next few days to decide the fate of a pair of high stakes Proposition 2 1/2 overrides that would add hundreds of dollars to annual property tax bills to avert "devastating" cuts in B-R schools. Bridgewater's override election will be held Saturday, June 21, followed close behind by Raynham's election on Tuesday, June 24. 'What's happening is the cost of the schools' core needs is outpacing the revenues that communities can allot. To avoid a critical step back of the progress the schools have made, this is needed,' said Dennis Gallagher, state representative for 8th Plymouth District, representing Bridgewater and Raynham. Gallagher adds he's in support of the overrides. Proposition 2.5 overrides are notoriously difficult to pass. Here are all the facts regarding the upcoming special town elections both communities are holding: Under a Massachusetts law called Proposition 2 1/2, cities and towns can only increase the amount of money they collect through property taxes each year by 2.5% plus an amount corresponding to how much "new growth" the city or town has seen. If a town wants to increase its property tax revenue by more than 2.5% plus new growth, a majority of voters must approve a Proposition 2 1/2 override at the ballot box. See who and where This former B-R boys basketball standout is headed to the Ivy League Bridgewater will hold its Special Town Election on Saturday, June 21, from 7a.m. – 8 p.m. The polling location is Bridgewater Middle School, 166 Mount Prospect St. Raynham will hold its Special Town Election on Tuesday, June 24, from 10a.m. – 8 p.m. The polling location is Raynham Middle School, 420 Titicut Road. In Bridgewater, the override is for $8 million. Of that, $6 million is for B-R schools. The remaining $2 million is for the funding of town services, including roadway repairs, and meeting town demands by hiring and retaining staff numbers for Police, Fire, Public Works, Parks & Recreation, and the Building Department. In Raynham, the override amount on the ballot is $3.9 million, all for the school budget. The Bridgewater-Raynham Regional School District's budget is funded by both towns, as well as state aid. Due to continuing inflation and shortfalls in state aid to the school district, back on March 26, the Bridgewater-Raynham Regional School Committee voted to increase the district's budget for the 2025-2026 school year by 17%, totaling a budget of $106 million. The school committee requested from Bridgewater an increase of $7.6 million or 23% and from Raynham an increase of $4.6 million, or 22%. This amount was many times higher than what the towns of Bridgewater and Raynham both indicated they would be able to fund — an increase of 4.7% from Bridgewater and 3% from Raynham, respectively. Superintendent of Schools Ryan Powers, speaking on behalf of the Administration and School Committee, said he realizes the impact this override will have on families. 'It's not lost on us,' he said, but 'the budget is reflective of the needs of the district, and what the kids deserve.' 'Rolling the dice on a big number' B-R passes budget that will require override votes According to assessments done by both towns, the impact on property taxes for residents if the overrides were to pass are as follows: Raynham: The annual property tax bill would increase by $636.75 for the average single-family home, based on an average assessed value of $590,000. Bridgewater: The annual property tax bill would increase by $926.63 for the average single-family home, based on an average assessed value of $594,000. Both towns have tax estimate calculators for this vote on their town websites if residents want to get the exact additional amount of property taxes they will be paying with this override. Gallagher, the state representative, said he believes voters 'need to look at what quality of education do they want for their community' when they go to the polls to decide on the override. He adds it's a tough personal choice, 'everyone's financial situation is different,' and 'it's a pretty big increase.' In a May 1, 2025, letter to the school community, Superintendent Powers said dozens of layoffs are on the table, between 30-45, if the override does not pass. Powers said the district cut 24 positions before the start of the current school year, and, coupled with the threat of 30-45 more cuts, means losing between 55-70 positions over two years. He called that 'devastating' and said that 'greatly impacts our ability to provide our students with the education they deserve.' Powers said at Raynham Town Meeting the school district has grown by 400 students over the past five years to its current enrollment of 5,682, and 'expenses are growing faster than our revenue," especially for transportation costs and special education, which, he said, presently comprises 20% of the district's student population. Presentations at B-R School committee meetings said enrollment increases have led to large class sizes, and if the district can't bring back those 30-40 positions then class sizes will reach as high as 45, depending on grade. In addition, as many as 40 elective classes won't be offered to high school students due to lack of available teachers. If the override passes, the re-hiring or reestablishing of 30-40 positions can keep classroom sizes down to a high of 27. Because it is a regional school district, both towns would have to approve overrides for B-R to get the increased funding. However, even if Bridgewater rejects its override Saturday, the Raynham override vote isn't cancelled. Both votes will happen, which will determine how the school district moves forward. A special B-R school committee meeting is currently scheduled for Wednesday, June 25 at 7 p.m., in the auditorium of Raynham Middle School, where Powers said they will discuss options for the district if at least one of the override votes fails. Powers told the Gazette there are several different options on the table for the School Committee to decide on, and 'it really is a series of dominos' as the outcome of the votes will influence how the district moves forward. If one town votes for the override, but not the other, Powers said there would be an opportunity for the opposing side to reconsider or put forth a new override vote. In Bridgewater's case, for example, with one-fourth of the total override amount for town services, the Council might decide it would figure out with current available savings on how to fund that number, thereby reducing the override amount, which may be more appealing to the voters. The school committee also has the option of putting forth a reduced budget for the towns, one that's either within current agreed limits, or is still higher than the agreed percentage increase, which could require another override vote at a lower amount. If one or both overrides is rejected, the B-R district may go through a 1/12 budget process, which is a monthly temporary budget that the state can impose for the entire fiscal school year. Powers said, basically, its last year's operating budget, plus the new percentage increase of state aid. 'That's not nearly enough to cover the true operating expenses,' said Powers. Powers said because of the proximity of the end of the current fiscal year, June 30, a situation could pan out where the start of the fiscal year begins with a 1/12 budget plan, but could be replaced by the start of the school year due to new override votes or a new proposed budget. The school district could also hold a joint town meeting, with voters from both towns, to vote whether or not to pass the proposed budget, which could result in either service cuts across both communities, or the scheduling of another override election. Powers said, whatever the outcome, it's important that residents just get out and vote. This article originally appeared on The Taunton Daily Gazette: Bridgewater-Raynham override elections: When, where, taxes, cuts
Reuters
2 days ago
- Business
- Reuters
UK house price growth halved in April, ONS says
June 18 (Reuters) - British house price growth halved in April, when a hike in property transaction taxes took effect, official data showed on Wednesday. Annual house price growth cooled to 3.5% from 7.0% in March, the Office for National Statistics said.
Yahoo
3 days ago
- Business
- Yahoo
Tennessee property tax change push could raise rent on single-family homes, officials say
NASHVILLE, Tenn. (WKRN) — Some Tennessee families could see a rise in rent thanks to a push to charge landlords a higher property tax rate by treating single-family rental homes like commercial properties. William Carman, former director of the TN Comptroller's Division of Property Assessments, told News 2 his former employer wants single-family rental homes reclassified from residential properties to commercial, which means rental properties would be assessed at 40% of their value instead of 25%. 'Residential homes that are rented are going to be taxed like a shopping center,' Carman said. 📧 Have breaking news come to you: → Those who support the reclassification say property is classified by its use in TN. Since landlords don't use their single-family rental homes as a residence, but to make money, they believe that justifies the change to a commercial classification. However, Carman told News 2 single-family rental homes are still used as a residence, just not by the owner. 'It's moving property that is used for dwelling purposes into a commercial classification, not because of use, but because of ownership, which is absolutely contrary to state law and the Tennessee constitution,' Carman said. Landlords worry this will increase their property taxes, and they'll be forced to pass that extra cost onto renters. 'Rental is a viable alternative for most people, so it's just going to push the cost up on the people who can least afford to pay it,' Danny Hale, property manager at HALO Realty, said. 'We've talked to several different property management companies in the area, and they're all in agreement that this is outside the bounds of state law and that it's not fair for those people and it's going to put a hardship on the tenants.' Carman is calling on lawmakers to step in. This year, legislators debated a bill that would have defined single-family rental homes as residential, preventing a reclassification to commercial. However, the bill was deferred to summer study, which is often where proposals die. 'If the legislature wants to tax residential property like shopping centers, then let it be said, but nobody is willing to say that,' Carman said. 'They know it's so illogical. It doesn't make any sense, but unless the legislature acts, that's exactly what's going to happen.' ⏩ News 2 reached out to the TN Comptroller's Office for comment and received the following response: 'There has been no change in the Comptroller's guidance regarding the assessment of single-family rental homes. The constitution, statutes, and case law require a fact-specific analysis for each individual property, so there is no one-size-fits-all answer concerning the classification of residential rental property. However, any changes regarding assessment classifications would occur through statutory or case law updates, not at the Comptroller's direction.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
