Property Assessment

[ArtM]

quote:

---

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?

---

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