This is a very interesting program. From what I’ve been told, the city is giving you back your own tax money for the improvements you’ve made to your home. But now the government has proof that you made improvements.
Home improvements increase the appraisal assessments of the neighborhood and raise property tax revenues. We all want the value of our homes to increase, not to pay more taxes but to receive a higher return on our investment. We all love modern upgrades. Is it the government’s business if you have new floors, new countertops, new paint, new appliances, etc??
So now you got your tax rebate but your property taxes have gone up more than any other property in the neighborhood. You know that your neighbors have made improvements but they didn’t get a rebate.
Maybe it would be wiser NOT to allow the government to document all your upgrades.
Assume that a home improvement project is completed in June, 2008. Further assume that the 2009 property taxes increased $300 above the 2008 property taxes as a result of the increase in the taxable value of the improvements. The total incentive would be $3,000 and would be paid on April 1, 2010. This is based on the minimum $20,000 dollar investment.
I had to listen to it one more time… I’m a little slow.
The “up front load it” was my concern. To me, that’s a pay out. This is just another way for the city inspectors to get in to your home and document your home improvements to be sure you are paying your fair share of the property taxes and insure that you cannot protest the rise in your property tax. Sneaky.