For the homeowner, the most significant change brought by Proposal A is the homestead tax rate. In 1993, the tax rate in Highland Township was 55.45 mills (or $55.45 for every $1,000 of State Equalized Value) on all property. In 1996, for homesteads and qualified agricultural land, the tax rate was 30.0859 mills (or $30.09 for every $,1000 of taxable value). Non homestead property paid 47.8777 mills in 2002.
The millage rate includes taxes collected on behalf of County government and the School systems, as well as the Township. Only a small portion of your total tax bill is directed towards operating our local government.
If you are the owner and will be occupying the home as your Principle Residence you will need to file a Principle Residence Exemption (Homestead) form as you would be exempt from paying the School Operating Tax, which is a substantial savings on your summer tax bill. Click Here for the Principle Exemption form.
Another change brought by Proposal A is the requirement to file a Property Transfer Affidavit with the local assessor when a property transfers ownership. Closing agents (attorneys, real estate offices, title companies, etc.) have these forms and will provide them to you at closing. Be sure to file these with the assessor within the 45 days to avoid a penalty. Click Here for Property Transfer Affidavit.