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Parcel tax to aid community college district

Original post made on Oct 17, 2010

Officials of the Foothill-De Anza Community College District say Measure E, a parcel tax on the November ballot, will provide them with much needed revenues to provide educational services to local students seeking affordable higher education.

Read the full story here Web Link posted Friday, October 15, 2010, 12:00 AM

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Posted by KD
a resident of Waverly Park
on Oct 17, 2010 at 9:23 pm

New parcel taxes (and new assessment)should only be paid by owners of property whose assessed (property) value is less than its market value and are therefore paying taxes based on an "old" Prop 13 assessment.

Example

If you own a property with a market value of $650,000, but pay less than $6,500 a year in property taxes and assessments (due to having an "old" Prop 13 assessment), you would pay any new parcel taxes and assessments that get approved - until such time as your total tax bill was equal to 1% of the market value of the property. Property taxes, parcel taxes and assessments would be capped at 1% of market value for "old" assessments.

If you own a property worth $650,000 and pay over $6,500 in taxes, you would not be responsible for paying any new parcel taxes or assessments.

The current MV assessment rate is approximately 1.10%, so the tax bill for a property assessed at a market value of $650,000 is approximately $6,565. Property owners with "current" assessments would continue to take their lumps, paying property taxes, existing parcel taxes and existing assessments at current rates - but they would not be responsible for any new parcel taxes or assessments.


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