Quote:
Originally Posted by Ro-Dialin
I can remember hearing on the radio, quite awhile ago, that taxes in the city can only go up so much per year by law, based on a percentage. Is anyone else familiar with this..??
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Below is a link to the law in question. In next year's fiscal budgets, per this law, the maximum local tax that a town or city can levy must not exceed a 4.25% increase in the total tax levied this fiscal year. In fiscal year 2013, the maximum percentage increase will drop to 4% and remain fixed at this amount going forward. The law was first implemented for the 2007 fiscal year, and the maximum percentage increase has been gradually reduced from 5.5% over time.
Note: There are conditions in which towns and cities can exceed the maximum pecentage increase, and they are outlined in the law.
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