What is the potential impact of the advertised maximum real estate property tax on the average residential tax bill?

FY 2017 Budget Question: What is the potential impact of the advertised maximum real estate property tax on the average residential tax bill?

Page updated on Jun 16, 2017 at 11:00 AM

The advertised maximum real estate property tax rate for calendar year 2016 is $1.073 per $100, an increase of 3.0 cents over the FY 2016 tax rate of $1.043. The table below provides information regarding the effect of changes to the CY 2016 real property tax rate on the average tax assessment. The average equalized value of existing residential property, including single family and condominium, is $521,227, an increase of 2.2 percent from the previous year. Based on an increase in the average assessment, the average residential tax bill would increase by $119. If the tax rate is increased by 1.0 cents, the impact on the average residential tax bill will be $171.  If the tax rate is increased by 2.0 cents, the impact on the average residential tax bill will be $223.  If the tax rate is increased by 3.0 cents, the impact on the average residential tax bill will be $275.

Real Property
2015 (CY)
Avg. Tax Bill
$1.043
2016 (CY)
Avg. Tax Bill
Monthly Impact
Annual
Impact

2016 Tax Rate $1.043
(Assessment Increase Only)

$5,318 $5,436 $10 $119
2016 Tax Rate $1.053
(1.0 cent Increase)
$5,318 $5,489 $14 $171
2016 Tax Rate $1.063
(2.0 cent Increase)
$5,318 $5,541 $19 $223
2016 Tax Rate $1.073
(3.0 cent Increase)
$5,318 $5,593 $23 $275
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