Our taxes increase each year, and for those of us who haven't moved but whose property values keep increasing, this is a BIG problem. It feels unfair that we should be penalized for having made a good housing choice years ago. What is the norm outside of Texas?
2006-06-26 05:18:38 · 5 answers · asked by Julia R 1 in Politics & Government ➔ Government
In California, thanks to Prop 13 the property tax can only increase about 1% a year if you havent sold your home, at which point it is reassessed by the county assessor using the sale price as the new basis and a supplemental property tax is issued. This is contributing alot to the state goverment, since the real estate prices are extremely high and the average property tax basis is now over $400,000.00 dollars.
2006-06-26 05:26:38 · answer #1 · answered by Simplystunning 4 · 0⤊ 0⤋
I am from New jersey (highest property taxes in the country) and it varies township by township. In my town, there has not been a revaluation since 1989, so the county has actually ordered that our town and 3 others in the county do a revaluation no later than 2008. Basically, anyone that has been in their homes for a decade or more will see a big increase in their tax bills, whereas those that bought newer homes may see a decrease.
This was prompted because there were too many homes selling for 350k-400k+ that were only assessed at 150k-200k. The county did a study over an entire year and the assessed values were between 17%-83% of the selling prices.
There is a website you can use to see assessed values...ZILLOW.COM Try it out.
2006-06-26 12:30:54 · answer #2 · answered by The Krieg 3 · 0⤊ 0⤋
In CA they are generally only assessed on the sale unless you apply for a building permit to remodel or something. You will be reassessed then too. I think that's why there is some law on the books that never gets enforced that if you get a new water heater you need a permit. Must have been a try at getting new assessments on every house at least every 8 or 10 years, but it didn't work.
2006-06-26 12:23:23 · answer #3 · answered by obviously_you'renotagolfer 5 · 0⤊ 0⤋
Most state property tax does increase each year as values go up. And as the state and local governments spending goes up, they increase taxes (not only property) as well to help fund the budget.
2006-06-26 12:22:28 · answer #4 · answered by Just Me 3 · 0⤊ 0⤋
By the square footage of your house.
If you build an addition your taxes go up.
2006-06-26 12:23:37 · answer #5 · answered by ricgrif 3 · 0⤊ 0⤋