It's not a factor over ten here, but it is by five or six. Property tax is our largest expense.
It's not a factor over ten here, but it is by five or six. Property tax is our largest expense.
"Taxes are just over $8K "
And I am complaining about $2.4k on my house appraised 2 yrs ago at $250k
For tax "assessment", that's how they do it here. 44340 exactly on the current bill I have literally in my hand. "Assessment" has nothing to do with market property value here. I have no idea what the formula is. It's been that way for all four properties I've owned in my lifetime. Interestingly, the "assessment" here is nearly the same as it was for the previous property which was four acres instead of a half acre and 4200 sq ft (livable) plus outbuilding instead of 1850 sq ft plus outbuilding. Different jurisdiction, however.
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The most expensive tool is the one you buy "cheaply" and often...
How properties are valued for property tax purposes varies from place to place. I know in Minnesota state law determines how properties are valued for property tax purposes. In Minnesota, the market value for taxes is supposed to mirror what the property would sell for on the open market. The taxable market value is the market value minus any homestead credits.
I know a lot of places have crazy rules like each bedroom increases property taxes. I have heard of people leaving off closets and calling the rooms dens or storage rooms until the occupancy permit is issued, and then then they go back and add closets to make bedrooms. It is fairly common to hear about people not wanting to do certain home improvements because it will increase property taxes.