My real estate tax assessment arrived in the mail on Friday. I was expecting my assessment to go up considerably considering the rise in property values in my neighborhood. Needless to say, my “wish” was granted.
My assessment went up considerably. By my math, it went up over 100%. On some level, I am happy to see that the assessed value is actually tracking close to what I paid for my house. Even better considering the current real estate market. Nonetheless, I am not looking forward to my tax bill in the coming years.
Shouldn’t the homstead tax credit keep your tax increase capped at something reasonable (I.e. 10%) regardless of the increase in property value?
Congrats on your wise investment (100% increase in just a couple years is impressive).
You can appeal the assessment. Also don’t forget you need to apply for the homestead tax credit now. It used to be automatic but the legislature decided to make it an opt in system probably cynically hoping people will overlook this and they will get more revenues in.
@eric: The tax credit will cap the assessment value that gets phased in over the next three years. If memory serves, it’s like 4% a year. Still, my assessment value was $91k in 2006 and is now at $192k in 2009. Quite a jump.
@Paul: Most advice is to appeal. I don’t know. I may wait for a big neighborhood thing instructing me on what to do before I do so. As for the credit, I took care of the application online yesterday afternoon.
I just got my assessment with a huge increase as well. But, since the cap is 4% increase a year on the taxable assessment (for the city anyway) – why bother filing an appeal? Or am I missing something here?
@chetldr: I am unsure for certain. Everyone says you should appeal, but I do not understand the exact reason why. I need to look for a neighborhood forum and get the scoop on that.