Quote:
Originally Posted by Garcia
You are correct on the idea but the reality is to make up the difference additional revenue - sales tax - will be needed.
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No.
Same as NH.
If the total property assessment is $10 billion, and the budget is $10 million.
That is $1 per thousand for the rate on the valuation of each property.
If I remove $8 billion in residential valuation, then the budget of $10 million changes the rate to $5 per thousand.
The money is made up through the remaining property valuations that exist on the tax rolls.
The owner with the taxable property - lets say a second home - sees their taxes increase to five times what it would have been.