Tax Assessment Notice just came

[CMC122]

Between increases in health insurance, car insurance, homeowners insurance and now a huge jump coming in my property taxes it's really getting hard to afford to live here

 

[crabcake]

2nd mention of this today. Ya'll are starting to scare me from opening my mailbox when I get home.

 

[CMC122]

2nd mention of this today. Ya'll are starting to scare me from opening my mailbox when I get home.

Drink a bottle of wine first

 

[kwillia]

I sure hope they did my assessment before we began the addition...

 

[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.

 

[CMC122]

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.

When there is an increase it is phased in over a 3 year period My increase is $18k each year for the next 3 years

 

[Shutterbug]

When there is an increase it is phased in over a 3 year period My increase is $18k each year for the next 3 years

 

[crabcake]

When there is an increase it is phased in over a 3 year period My increase is $18k each year for the next 3 years

Dayum! Do you get priority now to have your road cleared during inclement weather with that kinda hike?

 

[CMC122]

NO shiat! Dayum housing boom is finally biting us all in the ass

 

[CMC122]

Yes The assessed value of the property goes up that much, not the tax bill

 

[sleuth]

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]

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

I dunno. :shrug: 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]

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]

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]

Are you talking market value or tax assessment?

Market Value Appraisal.

 

[crabcake]

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]

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]

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]

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]

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. :shrug:

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