Property Tax Increase & What You Can Do About It...

[Kenny Smith]

hello BP community!

Likely you have already received your new tax assessment for your home for the coming year. And likely, you are quite surprised on what your new property tax bill may be.

Every 2 years, your house will get re-assessed by the county tax assessor. As property values go up, you guessed it, so do your property taxes.

Seeing the last 2 years we have seen dramatic increases in the market as far as home prices go, folks are quite taken back with their new bill. And for good reason. If your property value has gone up say 50% in the last 2 years, your tax bill will likely see the exact same increase.

The assessment process is actually done the prior "even" year on the appraisal date, which is June 30th, 2022 in this case. It is done by doing an appraisal using the market approach to value process, which essentially comparing the property to the most comparable sold properties on the appraisal date.

Once complete, the formula is as follows

Market Value X Assessment Rate = Assessed Value
Assessed Value X Mill Levy = Yearly Property Tax

The good news is if you feel like you have gotten an unfair market evaluation of your property, you have every right to appeal this to the county assessors office. You have until June 8th, 2023 to do so.

I'd be happy to provide a 100% complimentary market value report for you to determine if you are indeed overpaying for your property taxes. 

Reach out and I'd be happy to help!