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Preliminary survey analysis found that Concord’s residential tax exemption (RTE) provides relief to homeowners facing housing-cost stress, but also benefits many higher-income homeowners whose properties fall below the program’s breakeven point. Properties above the breakeven point contribute about $300,000 toward the RTE’s cost, while properties that did not qualify or apply contribute about $2.9 million.
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The task force found that the RTE is helping some homeowners who struggle with housing costs, but the program is not narrowly targeted. Forty-seven percent of renter respondents and 30% of homeowner respondents were housing-cost constrained, based on the survey’s definition of spending more than 30% of income on housing. Members agreed to study who pays the remaining RTE cost and interview landlords about whether higher taxes are passed on to renters.
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