08/09/2023
Help! My assessment went up! 😡😡😡Does this mean my taxes are going up?
Good question! An assessment increase does not necessarily translate to an increased property tax bill.
How does that work?
Taxing districts set their budgets and set their levy amounts to meet the budget requirements. In order to determine each property owner's share of the burden to meet this requirement, the total assessments of our property are together in a big pile. Each property owner owns a percentage of this value, which is determined by the value of the owner's total property assessment in that district.
So, if tax rates were the same year over year, and if my assessment increases 10% or 20%, but the entirety of the assessment pool increases 25%, then my tax bill would likely decrease even though my assessment went up. Likewise, if my assessment increases 40% and the entirety of the assessment pool only increased 10%, then my tax bill will likely increase because my responsibility within the whole increased.
If this interests you, but I'm not doing a good job of explaining it, or you'd like more information, contact my office.
I hope you're having a great Wednesday and everyday.
