03-15-2010, 02:16 PM
I was going to call this thread "How DO they come up with these numbers?"
The "Market Value" listed for our property is about $100,000 less than what I see advertised in the newspaper and on realty websites. In our case, the County asserts that our property's market value went down by 8.95 percent.
On the other hand, the total "Assessed Value" increased by 9.7% (Building up, Land down).
This year's "Net Taxable Value" increased by 9.53%. The slight difference between the Assessed and Taxable values is a small increse in the owner/occupant exemption.
I noted Obie's statement in the thread about inflated property values that there is an ordinance capping increases at 3% per year. In the four years we have lived here, our property taxes have increased by about 10% per year. I wonder whether it would be worthwhile to appeal our assessment, based on this ordinance?
Don't get me wrong - compared to New York (the only other state with which I am familiar), the property taxes here are quite acceptable. I just wish I could understand how these numbers are derived, so that I could do some fiscal planning. (Or should I just plan on 10% annual increases?)