Scenario: I own a $3 million house and the mil rate in my town is $20 per thousand. I now pay $60,000 a year in property taxes. When I retire my income drops to a mere $100,000 a year.
My property taxes under the new 6 percent cap are now $6,000.
Just who makes up the $54,000 difference?
I’m guessing it’s all the poor people that now pay about 3 percent of their income as property taxes.
They will see their taxes double.
Fred Eich
Orrington
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