Over a couple of years I could make that percentage jump make sense in the current market. But sure as heck not in 6 months.Ours jumped about 20% over 2021. All together, our assessment has gone up almost 30% since we purchased the house in 2018. It does seem reasonably in-line with comps. My question is: once the housing bubble bursts in a couple years, will tax assessments drop commensurately?
I guess I was unaware that was a done deal. I should have paid more attention to it I guess.Is your township one that passed the fire territory? I think I that alone added 6%.
That shouldn't affect the assessment though. It could definitely affect the overall tax bill. Our area just passed one. They sold it as "most people are maxed out anyway"...the ones who bore the brunt are blind, elderly, and disabled vets.Is your township one that passed the fire territory? I think I that alone added 6%.
What did it show up as? I don't see any mention of it, but the Township rate jumped by 5x.That shouldn't affect the assessment though. It could definitely affect the overall tax bill. Our area just passed one. They sold it as "most people are maxed out anyway"...the ones who bore the brunt are blind, elderly, and disabled vets.
A friend ran into this. The sellers had moved out in June taking their horses with them, my friends bought it in late December, in February they got reassessment notice, but the assessment value was less than what they paid so all seemed good. in April they got the tax bill, it nearly doubled, they took the ag exemption away because “no visible at was going on in December“. This bill came after it was too late to appeal the assessment. The assessment should have to have, at least, estimated taxes, similar to how a lender discloses estimated fees, but that never applies to government…Not direct apples to apples but when we bought our place we also bought a neighboring 2 acre lot. It was zoned ag but they rezoned it residential when we bought it. I went down and talked to them and filled out the necessary paperwork and they changed it back to ag.
All part of the plan…Don’t expect to see this end anytime soon. Guess who will be standing at the tax sales, millions in hand, ready to buy all of the properties going up for sale because people can’t afford the taxes any longer. The same “people” who have been paying cash, over asking price and sight unseen, driving up the prices.
You will own nothing and you will be happy.
It is tied to the current housing market, and if it has not caught up to you it will soon.Let us be thankful, I suppose, for assessment value not being tied to the current housing market.
Mine dropped back on 2010 era. The same comps that push it up can drop it…Ours jumped about 20% over 2021. All together, our assessment has gone up almost 30% since we purchased the house in 2018. It does seem reasonably in-line with comps. My question is: once the housing bubble bursts in a couple years, will tax assessments drop commensurately?
Are you aware that flippers are buying new construction homes from production builders and selling them as soon as they are completed for $50,000-$100,000 more than they paid the builder? It really can change a lot in 6 months…Over a couple of years I could make that percentage jump make sense in the current market. But sure as heck not in 6 months.
Post #18We refinanced in 2020, imagine that, the assessment for 2021 matched the valuation for refinancing exactly. Roughly a 10% increase from when we bought in 2018. Fortunately they aren't using Zillow's valuation as that is up ~45%. So much for capping the property tax at 1% when home values are going up by that much.