(LFC Comment: We received an email from our friend in Cleveland Heights, and we thought our response might help everyone understand the calculation of property taxes and better understand the Housing Affordability Threshold concept.)
*********************1776
Brian, what is the formula to figure out how much more you will pay for a levy?
Example: Cleveland Hts. 7.9 mills $200,000 house, our tax rate is 4.09%
How much more will be added to their current property tax if this levy passes?
Thanks Joe.
*********************1776
Here is our reply to the patriots in Cleveland Heights:
Hello, Joe:
By the way, the new percentage if the levy passes is 4.366% ($4,090 + $276 = $4,366 / $100,000)
For example, if their personal HAT % is 20% then their answer for a $200,000 home would be $2,765.00 ($553.00 / .20) in additional annual income – compared to the $1,843.00 for 30%.
Since we do not know everyone’s HAT %, we use the 30% factor as a guideline. In reality, if they are currently at 20% HAT then any income less than $2,765.00 moves them gradually toward the 30% ceiling.
The point is that the ever increasing property taxes slowly but surely moves everyone closer to the 30% threshold unless there is a corresponding increase in income. That is the deception played by the political sub-divisions when they say it is only $xx extra per month.
Categories: Cleveland Heights, Real Estate Taxes, Uncategorized
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