Does residential property still account for 45% and commercial property 55% of the states total property value?
No. In the twenty years since Gallagher passed, increases in residential property values have significantly outpaced the increases in the value of commercial property. In fact, residential property, which made up only 45% of the states total property value in 1982, today accounts for 75% of the states total property value. However, due to the Gallagher Amendment, residential property is only responsible for 45% of the states total property tax burden. Conversely, commercial property, which now accounts for only 25% of total property value in the state, is still responsible for 55% of the states total tax burden. Q: What services and entities do property taxes fund? A: Property taxes are local governments primary source of funding. Local governments are responsible for providing a host of different services, ranging from police and fire protection to street repair. Public schools are very dependent upon property tax revenues. Sixty cents of every dollar collected in property tax revenue
Related Questions
- Into which account the sale proceeds of residential / commercial property received by way of gift by NRI / PIO can be credited?
- Into which account the sale proceeds of residential or commercial property received by way of gift by NRI or PIO can be credited?
- Why will the commercial property value differ from residential property values?
