Missoula County supports HB 280: Provide for circuit breaker income tax credit for property taxes paid, scheduled for second reading today, and thanks Representative Karlen for carrying it.
As many of you have heard both in your communities and in committee, residential property taxes have increased dramatically around Montana. As Missoula County supports efforts to help address the rising costs of home ownership, HB 280 is one potential tool to help address homeowners’ concerns. Circuit breakers allow homeowners to claim some or all of the costs of residential property taxes as credits on their income tax returns which directly helps to offset property taxes.
The property tax system in Montana is broken. The last 20 years show an ever-increasing shift from commercial and centrally assessed assets to residential property taxes, which can now account for almost 80% of taxes collected. Previously, this figure was below 50%. Missoula County believes bills like HB 280 will help to lessen this burden by allowing a more equitable option, an income tax, which is derived off ability to pay rather than the value of an asset, to be an appropriate tool.
Representatives,
ReplyDeleteMissoula County supports HB 280: Provide for circuit breaker income tax credit for property taxes paid, scheduled for second reading today, and thanks Representative Karlen for carrying it.
As many of you have heard both in your communities and in committee, residential property taxes have increased dramatically around Montana. As Missoula County supports efforts to help address the rising costs of home ownership, HB 280 is one potential tool to help address homeowners’ concerns. Circuit breakers allow homeowners to claim some or all of the costs of residential property taxes as credits on their income tax returns which directly helps to offset property taxes.
The property tax system in Montana is broken. The last 20 years show an ever-increasing shift from commercial and centrally assessed assets to residential property taxes, which can now account for almost 80% of taxes collected. Previously, this figure was below 50%. Missoula County believes bills like HB 280 will help to lessen this burden by allowing a more equitable option, an income tax, which is derived off ability to pay rather than the value of an asset, to be an appropriate tool.
Please support HB 280.