Property Assessment

[JerryCarr]

What everyone has received so far is the assessment notice, not the actual tax bill. The tax bills come out later, and only then will you know what you are expected to actually pay. So, it may be a bit premature to assume the worst about what will be owed.

Cheers,
Jerry

[ArtM]

quote:

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Originally posted by dirk1609

THIS DOESNT MAKE ANY SENSE.
THERE IS A LAW STATING IT CAN ONLY GO UP 3% YET SOME POEPLE HAD 100% INCREASES?

AM I TOTALY MISSING SOMETHING HERE?

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Yes, actually you are![]

If you're in the home owner class for the property you're being assessed on, your tax can be increased by a maximum of 3% year-to-year. Meanwhile, your assessed value can increase (or decrease) willy-nilly. Plus, as a homeowner, you enjoy a lower property tax rate (0.555% for 2007-2008) and at least a $40,000 exclusion. All in all, not a bad deal as property taxes go.

For those of us who pay property taxes on a property that's not our residence, our taxes change willy-nilly with the assessed value. Property tax rate was 0.810% for 2007-2008.

Also, it's worth noting that the property tax rates are for a year starting July 1 and have not been set for 2008-2009 yet. So, in essence, nobody knows what his or her actual property tax bill will be for 2008-2009.

Hope that helps,

ArtM

[Bullwinkle]

I own two side by side identical lots, the taxable value has been reduced on both.

however:

one was valued 10% lower than the other - go figure