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Answers (4)
- wetdawgs
- Contributions:26854
Property taxes are not moving down as fast as market values, because the states are dependent on property taxes for so many aspects of their functioning.
- Dan, "the_country_hick"
- Contributions:4699
When property values remained constant taxes went up slowly.
When property values went up taxes went up faster. The towns usually increased valuations and decreased the mil rate but every year brought a bigger tax bill.
When property value finally does drop taxes will still go higher. You see, the town needs a certain amount of money to run. Instead of paying less tax on a lower valuation they will (given time) simply adjust the property value down while increasing the mil rate (% of taxable value) higher. Add inflation in and every year will have higher property taxes.
When property values went up taxes went up faster. The towns usually increased valuations and decreased the mil rate but every year brought a bigger tax bill.
When property value finally does drop taxes will still go higher. You see, the town needs a certain amount of money to run. Instead of paying less tax on a lower valuation they will (given time) simply adjust the property value down while increasing the mil rate (% of taxable value) higher. Add inflation in and every year will have higher property taxes.
- Elisa Mullins, CPM, Broker, "discountrealtor"
- Contributions:515
Hi;
your home value on Zillow is a lot different than your home value on the St L Co. Assessor rolls;
Zillow is taking into account all activity whether it is comparable or not and whether it is market sale or distressed sale or arms length sale...and takes into account sales as soon as they happen; contrasted to the St L Co assessor who adjusts property tax assessed values only every 2 years. Your county tax assessment may be lower than your actual market value and that is a positive situation for you as a homeowner paying taxes on your property value. If your home value was changing every week or month such as on Zillow it would not allow for the County to use the most accurate of comps to value your home and you would pay very high taxes in some situations.
hope that helps.
elisa mullins.
your home value on Zillow is a lot different than your home value on the St L Co. Assessor rolls;
Zillow is taking into account all activity whether it is comparable or not and whether it is market sale or distressed sale or arms length sale...and takes into account sales as soon as they happen; contrasted to the St L Co assessor who adjusts property tax assessed values only every 2 years. Your county tax assessment may be lower than your actual market value and that is a positive situation for you as a homeowner paying taxes on your property value. If your home value was changing every week or month such as on Zillow it would not allow for the County to use the most accurate of comps to value your home and you would pay very high taxes in some situations.
hope that helps.
elisa mullins.
- Tony Lewis, "remaxtony"
- Contributions:61
Property Taxes differ in each locality. Homes in Los Angeles County, in many cases, were revalued and the property taxes adjusted without any effort Contact a local Realtor and ask for their advice concerning your location!
Your Friend & Realtor,
Tony Lewis
[DELETED AS SPAM]
Call or write to discuss your real estate needs. Working with a Professional Local Realtor is most important. I will refer you to a Realtor that works in your community as well!
Why the sudden drop in our home's value? My property taxes don't reflect it!
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