During a tax freeze, a jurisdiction with taxing authority either rolls back or does not raise a tax it imposes on all or part of the taxed population, according to The Journal News and the Illinois Historic Preservation Agency. Taxpayers may receive tax rebate checks to give effect to a freeze, or taxpayers who meet certain qualifications may receive lower tax bills from the jurisdiction implementing a freeze.Continue Reading
New York State implemented a three-year statewide property tax freeze in 2014 to give tax relief for rising school and municipal property taxes by issuing tax rebate checks to taxpayers in the first year, reports The Journal News. The freeze mandates that schools and municipalities keep taxes under a cap and produce a 1 percent reduction in their tax levies during the three-year period. The state expects the program to generate $1.5 billion in tax relief.
Under a property tax assessment freeze in Illinois, owners of historic homes needing restoration can receive 12 years of property tax reductions, explains the Illinois Historic Preservation Agency. Homeowners must live in the historic homes as their principal residences, and rehabilitate the homes in compliance with standards set by the U.S. Secretary of the Interior. The program freezes the assessed property values for eight years, followed by four years of increases to the assessment amounts based on current market values.Learn more about Taxes