It increased about 1500 from last year. This is the 2nd year that we've owned our house. What to do?
2007-09-27 08:20:13 · 9 answers · asked by M 2 in Business & Finance ➔ Taxes ➔ United States
Pay them or try challenging what your house is assessed at for tax value purposes. Property taxes are based on 2 things, tax rate, and assessed value. Just to let you know though, expenses for a town/city keep on increasing year after year, so therefore the revenues have to keep increasing year after year to keep pace, and Property taxes are a major source of revenue to the town/city.
2007-09-27 08:35:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, property taxes increase every year. Depending on the state, the assessed value of your home can be increased a certain percentage every year (in CA, I think it's 2%). Plus, there could be special assessments, bonds, etc. that cause the property taxes to increase.
2007-09-27 15:26:16 · answer #2 · answered by Princess Leia 7 · 0⤊ 1⤋
If you do house improvements or the neighborhood increases in value ( homes around yours) your property taxes will go up. My mom and dad's property has been the same for property taxes in the last five years, but now that the land has been appraised for higher their taxes will go up.
2007-09-27 15:27:20 · answer #3 · answered by mitchellar31 3 · 0⤊ 0⤋
Contact the tax assessor's office and ask your question. Usually, increases do not come every year, but properties are re-assessed every five to ten years. You have the right to appeal any increase in property taxes and the assessor's office can tell you how to do it.
2007-09-27 15:27:29 · answer #4 · answered by Cheryl G 7 · 0⤊ 0⤋
Not necessarily, but they often do. An increase can be due to an increase in your assessment, or in the tax rate. You can appeal your assessment if you don't think it's accurate. If the tax rate goes up, not much you can do about it.
2007-09-27 15:35:16 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Property taxes do increase most years. That is called "inflation".
Welcome to the world of homeownership!
2007-09-27 15:26:28 · answer #6 · answered by r_kav 4 · 0⤊ 0⤋
They will go up and down depending on the market. They access a value and thats what they go with. The market currently is lowering in most areas. So they could go down next year.
If you dont agree with your property value you can have appraisals made that shows your home is not worth what they are accessing it at.
Call you county accessor. Just be warned if you do the appraisal option it could go up in value and you pay more.
2007-09-27 15:26:07 · answer #7 · answered by financing_loans 6 · 0⤊ 1⤋
No, they don't go up every year to answer your question. As for what to do, you have to ask the assessment people what's going on.
2007-09-27 15:27:25 · answer #8 · answered by Irish 7 · 0⤊ 0⤋
Yes they go up, but not as much as rent does ; )
2007-09-27 15:28:22 · answer #9 · answered by spunky monkey 3 · 0⤊ 0⤋