Tax Assessment Notice just came

[sleuth]

Originally Posted by crabcake

I think I'm okay actually ... if I remember correctly, my propery has some 'phase in' thing going on, meaning my taxes won't hike for a few years. I think it's cuz it's still a new home or something.

So what happens if you just bought your house within the past 2 years and its value has gone up by $60K over that period?

[crabcake]

Originally Posted by sleuth

So what happens if you just bought your house within the past 2 years?

I dunno. There was some sort of phase-in thing kinda like what CMC is talkin about b/c my house was brand new 3 years ago, but it's for longer than 3 years (I think it was 5-7 or something). I forget ... I called the County Tax office last year on it; just can't recall what they said. I'll check it out when I get home tonight though.

[CMC122]

Originally Posted by sleuth

So what happens if you just bought your house within the past 2 years and its value has gone up by $60K over that period?

Are you talking market value or tax assessment?

[Pete (Premo)]

Originally Posted by sleuth

So what happens if you just bought your house within the past 2 years and its value has gone up by $60K over that period?

Easy now, breathe slow deep breaths and keep that bag over your nose and mouth. It will pass

[sleuth]

Originally Posted by CMC122

Are you talking market value or tax assessment?

Market Value Appraisal.

[crabcake]

Originally Posted by sleuth

Market Value Appraisal.

that's different ... we're talking about tax appraisal ... what the county says your property is worth (which likely will be less than you sell it for 'round here) and they decide your property taxes based on that amount.

[CMC122]

Originally Posted by sleuth

Market Value Appraisal.

Well then I'm sure your tax assessment went up too, but they are two different things.

You pay taxes every year so I'm not sure why it would matter how long you would have owned it to make a difference on your assessment.

[sleuth]

Originally Posted by crabcake

that's different ... we're talking about tax appraisal ... what the county says your property is worth (which likely will be less than you sell it for 'round here) and they decide your property taxes based on that amount.

But you can assume that if the Market Value has gone up by 60K, the Tax Appraisal would have gone up significantly as well, right?

[crabcake]

Originally Posted by sleuth

But you can assume that if the Market Value has gone up by 60K, the Tax Appraisal would have gone up significantly as well, right?

Not always ... I think there was a good $70K difference in what the county says my property was worth and what it would have sold for (market value) last year.

[sleuth]

Originally Posted by CMC122

Well then I'm sure your tax assessment went up too, but they are two different things.

You pay taxes every year so I'm not sure why it would matter how long you would have owned it to make a difference on your assessment.

I know my monthly payment went up a few months ago because my ESCROW ran out of money. Something about an insurance and tax increase.

It only went up about $8 a month, though.