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Paul Opsommer Vice Chair, House Transportation CommitteeDistrict 93, DewittOpsommer News Bio My Blog Photo Gallery Publications Useful Links Legislation Contact Rep. Opsommer Office Salaries Office Expenses District Map Subscribe to RSS here |
REPS. OPSOMMER & VAGNOZZI CALL FOR BIPARTISAN PROPERTY TAX REFORMJune 25, 2008 When the Homestead Property Tax Credit was set at a maximum of $1,200 in 1976, it was done with a recognition that homeowners were already paying significant amounts of other taxes and shouldn't be called on to shoulder all of the load. But after 32 years of inflation, the credit is no longer delivering that promise. House Bills 5971 (Rep. Paul Opsommer - R93) and 4097 (Rep. Aldo Vagnozzi - D37) would raise the credit and index it to inflation for the future. "This is the quickest, easiest way we can bring some equity back to the tax system for homeowners," said Opsommer. "The cost of owning a home is simply not keeping pace with inflation, and we have to adjust our tax system to reflect that. It would be relatively straightforward to raise the cap to $1,400 for the tax year, and then build in future jumps so that the credit would eventually catch up to its spending power in terms of 1976 dollars." Despite the attractiveness of the fix, similar legislation has been introduced almost every legislative session since the last time the cap was raised, only to ultimately go nowhere. With the recent mortgage meltdown, and high inflation caused by oil prices, both legislators agree that now is the time to finally re-adjust the cap. Both bills are currently in the House Tax Policy Committee.
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