City Offers Financial Deal to Taxpayers
Use credit card to pay property taxes and City Treasurer will waive fee. Average taxpayer would net $33.00.
Thousands of Milwaukeeans have long maintained a tradition of paying their property taxes in person. Lines at City Hall are often so long that special parking spaces and lines are created to accommodate the surge in check-wielding visitors.
But the COVID-19 pandemic has halted in-person payments. As a result, City Treasurer Spencer Coggs‘ office has created an incentive that could result in your payment paying for a meal, seeding a vacation fund or boosting that next home renovation project.
Through December 31st all credit card fees associated with property tax payments have been waived. The city normally charges a 2.75% fee, but property owners will be able to earn an estimated 1% or more in rewards if they pay via credit card and use the cash to pay off their bill.
The average Milwaukee homeowner would net at least $33 by paying with a credit card, an amount that grows quickly if your home is assessed for more than the average of $126,235 or your credit card, as many do, pays more than 1% in a rewards program. The median Bay View homeowner, where property values have jumped in the past year, would net over $50.
But as credit card reward hunters advise, your benefits can grow dramatically if you’re using a new card to complete an opening offer or reaching for a year-end bonus. A number of companies also offer greater benefits if points are redeemed for airline miles or hotel stays over cash.
If a company like Irgens Partners opted to pay its BMO Tower $2.2 million property tax bill on a credit card, the company would net at least $22,400 in cash rewards. Of course, the company would need to find someone willing to give them a card with a high enough limit and opt out of the monthly tax payment plan.
Want to compound your property tax savings? Make sure you’re claiming the lottery and gaming credit. The state credit is available for your primary residence. The average Milwaukee homeowner received over $100 last year. You have until January 31st to file a claim with the city.
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