The Garden Island corrects errors of fact in news stories. If you notice an error, please contact us at one of the numbers listed below. • A Tuesday article entitled “Residential tax rates would fall …” discusses some of the
The Garden Island corrects errors of fact in news stories. If you notice an error, please contact us at one of the numbers listed below.
• A Tuesday article entitled “Residential tax rates would fall …” discusses some of the changes under Bill 2274, which proposes a real property tax system that taxes based on use instead of zoning. Properties zoned single family residential are currently taxed based on zoning. The homestead class is an overclass not tied to zoning where anyone, regardless of where they live, gets the homestead rate because they live in their primary home and have an exemption. The bill proposes to include in the new residential category long-term affordable rentals and those owners with exemptions who currently do not benefit by the homestead rate and pay taxes based on their zoning.
The proposed rates for the new residential category are $6 for building and $2 for land per $1,000 of property valuation.
The proposed $10.50 building, $3.50 land rate would be applied to empty homes, non-affordable rentals and other properties falling under the proposed general category.
