Greetings everyone, my question is if my property taxes go up in my neighborhood, does property appreciate too? Thanks for reading
not necessarily. The Tax man wants more and more.
The value of a property may change but the taxes remain the same or slowly go down. Taxes don't usually change unless there an event. Like the property changing hands, or a bond issue that needs paid.
Tax assessments (the amount you pay property taxes on) are generally only loosely connected to the real value of the property. In theory they are supposed to represent the actual market value of the property but they often don't do a very good job. They can be high or they can be low.
In theory if your property assessment goes up, it is because the value of the property has already gone up. Reality is property taxes could go up because they were too low to start with or because they made a mistake and made them too high. If they are too high you can appeal the assessment so you taxes should drop.
Thanks for the info.