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Taxes are a function of municipal costs and the value of all properties. If they all go up equally in value and costs remain constant then your taxes should not

• Spooky23 5y ago
  In theory, you are correct. In practice, in a city or area with different valuations it may vary. For example, in my city, 70% of households rent and half of those are in the hood. Bad neighborhood valuations are essentially a factor of Section 8 prevailing rent, and many properties fall off (as they stop meeting HUD standards) and get abandoned as they decay, because slumlords. The effect is that in a good neighborhood, your pro rata share of the levy always climbs, even without an increase in value.
  • TravHatesMe 5y ago
    Great point. I wanted to point that out though because some people assume that there is a proportional relationship between property value and taxes.
• kelnos 5y ago
  In practice, though, that's not the case. In many jurisdictions you get yearly reassessments as to your home's value, and your taxes change to match that value. I don't think I've heard of a place where they decide to lower your taxes (or keep them the same) when your home value is reassessed higher, regardless of what's happening with municipal costs.
• supernovae 5y ago
  My property taxes have gone up 10% year over year and in 2 years my property taxes will surpass my mortgage.