Adjusting the Property Owner Tax Rate

Excerpt from Sam Zurier's newsletter
              At its June 5 meeting, the City Council deferred consideration of a measure to adjust the relative property tax rates of owner-occupied and rental property.  As described in my June 1 letter, the measure, which was introduced on May 1, seeks to adjust the proportion between these two tax rates in 2015-16.  The normal procedure for this type of legislation is to refer it to committee for vetting, and then for the City Council to review it for passage at two separate meetings.  In this case, the City Council invoked a rarely-used rule to pass the ordinance for the first time prior to referring it to committee.  I opposed this vote, because the measure does not take effect for more than a year, and it raises significant financial issues for taxpayers.  Last week, the Ways and Means Committee scheduled a public hearing to take place Monday, June 16 at 6:00 p.m. at City Hall.  This hearing will allow the public to offer its input on this measure.  Among other things, I am interested in learning (1) how the recent revaluation affected the tax burden and rental market, and (2) how this ordinance, if enacted, will affect tax rates and the rental market.