Everyone Gets a Tax Cut in 2010

The assessments for residential properties will reduce taxable values by an average of 15% and assessed values by an average of 12% and for commercial property assessed values will be reduced by 17% this next year.  That means that everyone will pay less total real estate tax next year.  The total millage for all entities in Troy is 34.5881.  The 1.9 mil increase for Troy represents a 5.5% increase to the total milage rate (not 29%).  In fact, the  TAX CUT on average  for Troy residents will be 8.6% even with the 1.9mil increase for the Troy piece because of the reduction in taxable value.

This entry was posted on Thursday, January 14th, 2010 at 9:35 am and is filed under Troy Challenges, Troy Opportunities. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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2 Responses to “Everyone Gets a Tax Cut in 2010”

  1. marksv says:

    Please post the precise mathematics in the form of an example…starting with an assumption of home value. And if this is the case perhaps you might send a post card of exactly what this would mean to each homeowner.

    January 26th, 2010 at 5:24 pm

  2. Troy Talk says:

    MArk… sorry did not see this post until today. There are specific examples on the Troy City website at http://www.troymi.gov/2010Proposal/TaxBillCompare8Homes010610.pdf

    February 4th, 2010 at 11:09 am

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