What Does the Reappraisal Mean for My Taxes?
Here are some important points about how the city-wide reappraisal will affect your property taxes.
- Do not apply last year's tax rate to your reappraised property value. The City's grand list is estimated to increase by 88%, which means that the City will decrease the tax rate necessary to raise the revenues approved by voters in March.
- Due to the housing market, many home values doubled in the reappraisal. This does not mean you will be paying twice as much in taxes. The new tax rate will be lower, because of the reappraisal.
- Based on our discussions with the State, these points will also hold true for your effective education tax rate in the City.
- Plan on an increase in total tax amount, if only for the fact that the voters approved a higher tax levy in March. Unfortunately, it is too early with these preliminary values to calculate our upcoming tax rates.