Does this mean my property value has increased?

Question

I received a notice from my county assessor office about my property. It says the appraised value for property tax purposes has changed. It says the appraised value is 191,900; the assessed value is 47,975; and the previous assessment is 33,075.

What does all of this mean?

Answer 1

Whenever I've received a notice like that, it means to expect higher property taxes. The assessed value in your case increased and since that is what you pay property tax on, your property taxes will increase. The appraised value is more for mortgage purposes, that is what you can borrow against.

Answer 2

Here in PA they have a nice new rule. If you purchased a house for more than 20% of the old appraised value they raise the assessed so you pay more in taxes. That means you can have two identical houses next to each other, one was purchased 15 years ago at lets say 100K, you just purchased yours for 200K for identical houses you will pay twice the tax as your neighbor. If there was not a city, or county wide reassessment I would say that is what just happened to you. Fair taxation, No

Answer 3

The local county assessor has raised the value your home is taxed at. Typically this indicates a raise in the market value of your home.