5 ms·
I believe that's the typical scenario. taxes = mill-rate * property-value If you're paying more in taxes it's either because the taxing authority decided to r
by earleybird 4y ago
I believe that's the typical scenario.
taxes = mill-rate * property-value
If you're paying more in taxes it's either because the taxing authority decided to raise more money or your property has increased relative to your neighbours.
It all comes down to the mill rate.
- DubiousPusher 4y agoNot most places in the U.S. If your whole neighborhood's valuations go up you all get taxed more.
- sokoloff 4y agoIf your whole neighborhood goes up, but not the whole city/municipality, correct. If the entire tax base goes up (not just one neighborhood), you should expect the mill rate to fall.
- onlyrealcuzzo 4y agoDoes it actually, though? In practice - aren't tax rates changed based on politics?
- TimPC 4y agoTax rates are generally changed by an independent political process (the municipal budget) which often has the power to increase/decrease the mill rate based on how much money is needed/desired. This doesn't change the fact that the mill rate does generally fall by a lot when properties are reassessed in areas that have seen a large property price increase.
- DubiousPusher 4y agoThis is not the case where I live. Levy rates are set in statute.
- robocat 4y agoAre rates proportional to house valuations used in “most places in the U.S”? That is, are most rates not “mill rates” (where relative house values matter, not absolute values).
- DubiousPusher 4y agoYeah I'm very curious about this. I assumed that because my taxes have been purely proportional in the several places that I've lived that this was generalized to across the U.S. This is the first I've heard of a city adjusting taxes down.