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Ballot Measure 47 was an initiative in the U.S. state of Oregon that passed in 1996, affecting the assessment of property taxes and instituting a double majority provision for tax legislation. Measure 50 was a revised version of the law, which also passed, after being referred to the voters by the 1997 state legislature.
In 2002 the average property tax assessment in the state was 8.82%, with some areas in excess of 10% leading to calls for property tax reform. [7] Governor Mitch Daniels ran for office in 2004 advocating reform as part of his platform. During the subsequent legislative session, the General Assembly approved a 1% cap on property tax rates.
Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies.
Median annual real estate taxes top $10,000 in five cities. ... with real estate taxes estimated at 2.31% of median home values and ranking sixth overall. Elizabeth, NJ ranks 14th with 2.05% of ...
The Residential Property Tax Deduction capped at $2,500 is permitted to homeowners. Neither taxable Social Security benefits nor taxable Indiana state income tax refunds are reported to Uncle Sam ...
Oregon Township is one of twelve townships in Clark County, Indiana. As of the 2010 census, its population was 1,769 and it contained 692 housing units. As of the 2010 census, its population was 1,769 and it contained 692 housing units.
Property taxes dedicated for school funding were capped at $15 per $1,000 of real market value per year and gradually lowered to $5 per $1,000 per year. Property taxes for other purposes were capped at $10 per $1,000 per year. Thus, the total property tax rate would be 1.5% at the end of the five-year phase in period. [2]
Oregon's estate tax applies to estates above $1 million, a more aggressive approach than the federal estate tax, which applies only to much larger estates. With tax rates ranging from 10% to 16% ...