There is really little need for me to include much additional narrative into the facts below (but I do offer some); Wallingford needs to review our current offering and then consider some changes in this program to make it a better benefit for Wallingford’s elderly and disabled.
There is no reason we cannot do more. I am good with anyone that wants to move to another state to be closer to family or to spend more time in warmer weather, but to have someone say “I have to move away from family and the town that I grew up in or have called home since [DATE] because I can no longer afford the taxes in Wallingford and Connecticut” is unfathomable.
We all know that the impact is dual (local and state); we need to address what we can locally and then lobby the state on behalf of our citizens as much as we can.
Here is the data for Wallingford:
Wallingford’s median household income in 2009: $71,117 (it was $57,308 in 2000)
Wallingford’s per capita income in 2009: $32,679 (this means “each individual person”)
Estimated median house or condo value in 2009: $295,349 (it was $157,700 in 2000)
Wallingford’s property tax deferral income guidelines for 2010 – Married $49,500 – Single $42,300; in order to reach Wallingford’s household income, this benefit would need to increase 43.5% as it otherwise falls short.
Here is the data for Guilford:
Guilford’s median household income in 2009: $95,359 (it was $76,843 in 2000)
Guilford’s per capita income in 2009: $46,803 (this means “each individual person”)
Estimated median house or condo value in 2009: $431,692 (it was $230,500 in 2000)
Guilford’s property tax deferral income guidelines (based on total years of residency) 20+ years – Married $95,000 – Single $79,000; “married” matches their town’s median household income.
Here is the data for Durham:
Durham’s median household income in 2009: $93,287 (it was $57,308 in 2000)
Durham’s per capita income in 2009: $40,442 (this means “each individual person”)
Estimated median house or condo value in 2009: $316,714 (it was $157,700 in 2000)
Durham’s property tax deferral income guidelines for 2010 (based on total years of residency) 20+years “Income not to exceed 2.0 times the maximum income levels set annually for single or married status, as applicable, by the Office of Policy and Management for State elderly/disabled tax relief programs” – those numbers (doubled, as outlined for the 2011 program year) are Married $79,000 – Single $64,600. While it does not reach their town’s median household income, it does better than Wallingford.
We can do better than this Wallingford for our seniors who have lived here a lot longer than “just” 20 years.
We don't need a deferral....We need a tax freeze like Guilford and Durham have for their seniors. This way the town still gets their taxes every year, and the seniors know it will be the same amount for as long as they own their home and meet the income guideline.
ReplyDeleteUnder the deferral program the town is made whole after the last of the qualifying applicants leave the home because once the house is sold or conveyed away the deferred taxes are paid in full.
ReplyDeleteUnder a freeze the town gets the full (but frozen) tax rates for those qualifying homes.
The difference is that after 10 years of freeze the town collects nothing more than the rate each year that was frozen; it loses out on the increases over the years.
With the deferral the town is made fully whole on the deferred taxes at the end.
The homeowner defers the taxes beyond the end of their use of the program (when the house is sold or conveyed away from the original qualifying owners) - deferral of the taxes generally is less cumbersome on the current senior than a freeze as a freeze in place stops it at "today's rates" going forward where a deferral cuts a larger portion to be paid down the road (more immediate benefit to the qualifier than a freeze and with a deferral the town is made whole).
If this is popular both programs could be considered (with applicants choosing one or the other if they qualify). I am looking to the deferral first as we already have it in place and I would be looking to expand it.
Your thoughts please - do you think more people would opt for the freeze and if so why. Just curious to your opinions. It is something additional to consider.
Thanks for your input