[Real Estate Joe]

It has finally passed and gone into effect. Your 2006 Property Tax bill should reflect a .17% reduction in the school tax. In 2007 it should reduce again by .33%, giving you a total deduction of .50%.

If you have a $100,000 house with a previous tax rate of 2.5%, your taxes were $2,500 in 2005

With the same value and rate for 2006, your tax rate is 2.33%, and your taxes will be $2,330.

In 2007 with all things remaining the same, your tax rate would then be 2.0% and your taxes will be $2,000.