Reply to Elrich property tax increase

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[quote=Anonymous][quote=Anonymous]It does seem like a big increase. However at the same time, the assessment for my property value is much lower than the actual property value. I have lived in my house for 10 years and I am certain it has increased in value over that time. Yet my property tax assessment is still less than what I originally paid for my house. I don’t understand why they don’t assess a home at least at the value the owner paid for it barring some sort of downturn. They periodically have increased the assessment but it started out more than $100k below the purchase price and it is still about $30k below the price I paid. I think my house is probably worth about $250k more than I paid for it. So I would rather pay the new increase on my current assessment than pay the current tax rate on the actual value of my house.

Paid $500k
Assessed $470k
Current tax rate of $.99 = $4,693 annual county property tax
Proposed increase to $1.09 = $5,123 annual county property tax if new tax rate is applied to current assessment.

Worth $750k
Current tax rate of $.99 = $7,425 annual county tax if assessment matched actual value
Proposed increase to $1.09 = $8,175

Right now I get a county tax credit that reduced my amount by $692. I have a homestead credit as well which I think either gives me the credit or prevents them from increasing the assessment by too much? I don’t really know. So I might not actually ever have to pay that largest amount. But what I wonder, is how much the county could increase its revenue if it just made sure that property assessments were at least as high as the purchase price of the property? That would increase revenue and be less of a shock because as a home buyer I was expecting to pay tax on the value of my house at the purchase price. I have of course accepted these low assessments all these years but the County needs to be more effective about this.[/quote]

What is a homestead credit?[/quote]

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