[LincolnTalk] Question about property taxes

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[LincolnTalk] Question about property taxes

Leslie Turek
I have just a straightforward question about property taxes. If the tax rate went up just under 10%, why is it that the people I've talked to have increases well over that compared to last year? Mine went up 20.8% and a friend saw an 18% increase, for example. This is on condos valued around $500,000. 

My surmise is that the valuation of the property also was increased on some basis. But inflation is somewhere around 2%, so that doesn't seem to explain the big jump.

I tried to find my last year's tax bill to compare valuation, but couldn't find the physical bill. The online historic bills only show what you owe, not what valuation that was based on.

Can anyone enlighten me? I was ready for a 10-15% jump, but over 20% shocked me a bit. 

Thanks,
Leslie Turek



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Re: [LincolnTalk] Question about property taxes

Richard Panetta
Leslie,

 Here is a link from the Squirrel for what the town estimated the school project would increase the rate by if that helps some at all.


On Thu, Oct 3, 2019 at 8:54 AM Leslie Turek <[hidden email]> wrote:
I have just a straightforward question about property taxes. If the tax rate went up just under 10%, why is it that the people I've talked to have increases well over that compared to last year? Mine went up 20.8% and a friend saw an 18% increase, for example. This is on condos valued around $500,000. 

My surmise is that the valuation of the property also was increased on some basis. But inflation is somewhere around 2%, so that doesn't seem to explain the big jump.

I tried to find my last year's tax bill to compare valuation, but couldn't find the physical bill. The online historic bills only show what you owe, not what valuation that was based on.

Can anyone enlighten me? I was ready for a 10-15% jump, but over 20% shocked me a bit. 

Thanks,
Leslie Turek


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Re: [LincolnTalk] Question about property taxes

Andrew Payne
In reply to this post by Leslie Turek

On property tax bills, Leslie T wrote:

... If the tax rate went up just under 10%, why is it that the people I've talked to have increases well over that compared to last year? Mine went up 20.8% and a friend saw an 18% increase, for example. This is on condos valued around $500,000. 

My surmise is that the valuation of the property also was increased on some basis. But inflation is somewhere around 2%, so that doesn't seem to explain the big jump.

Yes, that would likely be the explanation:   your property value went up in value, relative to other Lincoln properties.   

The first step would be to look at your "property record card", here:  https://www.lincolntown.org/601/FY2019-Property-Record-Cards

That should show the assessment history for your property (not just for last year).

One taxpayer's view,

-andy

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Re: [LincolnTalk] Question about property taxes

Dennis Liu
In reply to this post by Leslie Turek

Leslie, in addition to the increase in the assessed value of our home which makes the 9.5% taxable rate increase even higher, effectively, don’t forget to check the CPA portion of the property tax bill.  It’s a mandatory surcharge on our property taxes under the Community Preservation Act. 

 

I admit to not knowing the mechanics behind it, but FWIW, our CPA portion increased by 16% from tax year 2019 to tax year 2020.

 

HTH,

 

--Dennis

 

 

From: Lincoln <[hidden email]> On Behalf Of Leslie Turek
Sent: Thursday, October 3, 2019 8:54 AM
To: <[hidden email]> <[hidden email]>
Subject: [LincolnTalk] Question about property taxes

 

I have just a straightforward question about property taxes. If the tax rate went up just under 10%, why is it that the people I've talked to have increases well over that compared to last year? Mine went up 20.8% and a friend saw an 18% increase, for example. This is on condos valued around $500,000. 

 

My surmise is that the valuation of the property also was increased on some basis. But inflation is somewhere around 2%, so that doesn't seem to explain the big jump.

 

I tried to find my last year's tax bill to compare valuation, but couldn't find the physical bill. The online historic bills only show what you owe, not what valuation that was based on.

 

Can anyone enlighten me? I was ready for a 10-15% jump, but over 20% shocked me a bit. 

 

Thanks,

Leslie Turek

 

 


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Re: [LincolnTalk] Question about property taxes

Andrew Payne

Dennis wrote:

... don’t forget to check the CPA portion of the property tax bill.  It’s a mandatory surcharge on our property taxes under the Community Preservation Act. 


The CPA tax is a 3% surcharge on your property tax, BUT, with the first $100,000 of value exempt.  It's been in place in Lincoln for over 15 years.

So, if your assessed total value is X, your CPA tax is:

     (X - $100,000) * 0.01536 * 3%

For a $1m residential property, the CPA tax is $414.72.

I admit to not knowing the mechanics behind it, but FWIW, our CPA portion increased by 16% from tax year 2019 to tax year 2020.


Given that the CPA is (almost) a straight 3% surcharge, it's going to just track your underlying tax bill.  There will be a small deviation because the CPA calc has an exemption ($100k), where the core property tax does not.  In other words, the CPA shouldn't really be affecting your year-of-year tax increase, unless (1) your property has a value less than (say) $300k and (2) the value also changed dramatically (up or down) since last year. 

While I'm here: the CPA does have a portion matched by the state.  The match rate has declined over the years as other towns have joined the program; last year was about 19%.  BUT, the new (signed) budget has a funding increase for CPA.  See:  https://www.communitypreservation.org/home/news/governor-baker-signs-fy20-budget-cpa-funding-increase

And finally, you can look up your "property card" here:   http://www.lincolntown.org/601/FY2019-Property-Record-Cards  In the middle of the card, you should see a "Previous Assessment" table, going back a number of years, that shows your assessed value.  (I looked for a "past tax rates" table on the town Web site, but I can't find one).

One resident's view,

-andy

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