“Hello, my name is Bill Boivin and I am a member of the committee to pass the community preservation act, the CPA, in Burlington.
There are questions about the 1.5% surcharge and how it works. Let me give an example.
Suppose your house is worth $625,000, which is typical in Burlington today.
Under CPA each property automatically gets a $100,000 deduction, so your surtax would be calculated on $525,000 of property value.
Our residential tax rate is 0.995%, almost exactly 1% so let’s use 1% to make easier calculation. The property tax on $525,000 is $5,250. The surtax would be 1.5% of that, or $78.75.
And moderate income seniors earning $112,000 or less for a 2 person household and low income households of any age earning $89,000 or less for a 2 person household can opt out of paying entirely.
I hope this helps understanding of the CPA surtax.
You can learn much more about the CPA at our website: www.yescpaburlington.org.”