AVI Update: Gentrification Protection

 State To Pass Means-Testing: What It Means For YouA major part of the City's new property tax system, especially for residents of communities like ours, is "Gentrification Protection" (GP).GP shields long-term residents from overly large property tax increases. If you've owned and lived in your home for 10 years or more, and your new AVI property assessment is more than 3 times your old assessment, then you qualify.Example: You've owned and lived in your house or 10 or more years. Your old assessment was $50,000 and your new AVI assessment is $400,000. GP says you can be taxed only on an assessment 3 times your old assessment. So instead of being taxed on $400,000, you are taxed only on $50,000 x 3, which in this example would be $150,000. This protection will last for the next 10 years.Bottom line: Anyone qualifying for GP will see their tax bill increase about 28% from last year. Not ideal, but much better than the 50, 100, or  200% increases these residents would otherwise see.There is one catch, though: because of a state law advocated by the City and about to be signed by the Governor, GP will be means-tested: you will qualify only if your annual income is below a certain level. For a household of one, the limit is about $84k (about $92k for a household of two; and about $111k for a household of four).The City says it has identified property owners potentially eligible for GP. And application forms should be coming out sometime early next month. We will keep everyone updated. —