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It limits the entire city as a whole from raising more than 2 ½% above the previous year's tax levy plus levy attributed to new construction growth.
If a property changes in value relative to other properties, the taxes will change accordingly, perhaps increasing more than others or less so.
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Tax bills are issued quarterly on July 1, October 1, January 1 and April 1.
Abatement Application Learn More State law allows several categories of tax exemptions for elderly persons over age 70 (subject to asset and income restrictions), surviving spouse (subject to asset limitations), blind persons and veterans with service related disabilities.
These exceptions are called "statutory exemptions." Qualifying citizens must own their property in whole or in part and must apply annually.
Preliminary tax bills are issued on July 1 and October 1.
The "actual" tax is calculated from the new assessment and tax rate minus the preliminary tax divided by two.