I guess I hadn't really thought this through. You coudln't reasonably expect that just because your home value dropped substantially, that the town/schools would then cut an equal amount from their budgets.
"There have been drastic reductions in property values since then," he said. "Since most homes in the town sales ratio are down around 30 percent, homeowners should expect their revaluation to mirror that trend."
"...The drop in assessments will continue to assure everyone pays an equitable share of property taxes, it does not mean they will see a 30 percent reduction in their tax bill. That is because the cost to run the community from a government standpoint, cannot retract by 30 percent.
"The level of tax revenue will nearly balance out by slight increases in auto and personal property taxation, slight increases on some of the town's larger homes, and a countering increase in the mill rate. A mill represents one dollar of taxation for every $1,000 in taxable property.
"There has to be an adjustment against the grand levy, which is the overall cost to run the town," he said. "The amount needed to function remains constant, even though the assessment of properties decline to correspond with the drop in property values."
Big bummer.
No, my property taxes likely won't drop much at all
January 13th, 2013 at 04:45 pm
January 13th, 2013 at 04:55 pm 1358096130
January 13th, 2013 at 05:42 pm 1358098954
January 13th, 2013 at 05:48 pm 1358099329
What's hard is for people like my dad-in-law, who bought, built or remodeled their houses as part of their investments for retirement. We never left our starter home - our "investment" went into our four girls - and maybe this is working in our favor
You get hit from all sides along the front lines nearing retirement...
January 13th, 2013 at 06:22 pm 1358101353
January 13th, 2013 at 07:02 pm 1358103724
January 14th, 2013 at 02:25 am 1358130351
January 14th, 2013 at 02:58 am 1358132306
We're seeing house prices s-l-o-w-l-y increasing so when they get back to 2008 levels property taxes here will have increased by a third I figure.