triple as the property value of my house did?
I've heard both views on this one.
2006-11-21 17:09:16 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you live in an area where the taxes are based on the value of the property, then I would think so. There may be a cap as to how much it can increase per year though.
2006-11-21 17:14:59 · answer #1 · answered by teran_realtor 7 · 2⤊ 0⤋
It all depends... Don't you just love that answer??? Well, this is what you need to do. Call you county's assessor's office and see what the current increased rate of assessment has increased for the year. The number should be in your phone book.
Usually the county assessed rate doesn't increase at the same rate as the appraised market value does. It also depends on the increase of the expenses of the county to cover the budget for the county. (ie. schools, roads, police, etc)
In most cases it doesn't come near to increasing the way the appraises market value. For instance where we live the assessed value of the house was only increased by 10% last year even though our home value increased by 100%, so it didn't come near the amount the properties market value increased. Some states have a limit of how much they can increase the assessed value or tax.
2006-11-22 03:07:36 · answer #2 · answered by Wicked Good 6 · 1⤊ 0⤋
What state are you in first?
I live in CA where taxes are established on the price of your home at purchase. Example my parents bought a home in 1975 for $33k that means at 1% there taxes are $330 a year plus a few other taxes which have them up to around $1050. There house is now worth $420k to 450k, but they still only pay the what there original taxes were.
Now for the catch...in the early 90s when the market dropped my neighbor who bought a home a couple years before that went and had his property asessed again and was able to get the taxes to drop....but heres the scary part now at these prices if you get your home reasessed then your property taxes will most likely go up.
Also remember that prop. 13 helps people too. You see my dad is 53 and in 2 years im gonna sell there home and have them buy a condo outright. As long as they stay in the same county they can keep the same taxes. meaning that the condo is 345k and they won't have to pay 1% of that no they get to keep the same amout as they had before it is an incentive to stay in the same county.
2006-11-22 01:25:48 · answer #3 · answered by Logical Leroy 2 · 1⤊ 0⤋
Depends on where you live and what the property tax structure is like. Where I live the property tax is based on the price you paid for your house, and does not go up based on the appraised or market value of your house.
To know for sure how it works in your area, contact your county tax collector's office.
2006-11-22 01:16:12 · answer #4 · answered by djc 3 · 2⤊ 0⤋
If your tax assessment tripled, then yes, it probably will. If you're just talking about an appraisal for value if you sold it, then the assessment might not catch up, at least for awhile.
Even if your assessment went up that much, some places have laws that limit the amount taxes can go up because of assessment increases.
2006-11-22 01:13:49 · answer #5 · answered by Judy 7 · 2⤊ 0⤋
I know that in Idaho there is a 2% per year cap on property taxes, but if you're living in a liberal state, you're probably screwed.
2006-11-22 01:32:33 · answer #6 · answered by Anonymous · 1⤊ 0⤋