Wednesday, November 16, 2011

If you bought real estate in 2011, you could be eligible for a property tax reduction

Did you buy property in 2011 that is assessed at the 6 percent assessment ratio?  You may be eligible for a property tax discount.

The General Assembly enacted the Point of Sale Bill (H.3713) that among other things provides for a 25 percent reduction in the fair market value of property bought in 2011 and assessed at the 6 percent assessment ratio (commercial, rental, second homes).

In order to receive the reduction, the property owner must apply to the local tax assessor's office by January 30, 2012.

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