Reply to MoCo Property Tax Increase this Year.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Property values are way up, in case you missed the memo. Are you really surprised that your tax bill is going up? The increases above actually sound pretty modest compared to how much property values have increased.[/quote]

The rate went up 8% regardless of the house value. And each house is assessed every 3 years, not annually.  So 2/3rds of the houses went up without any concern for the market value. The other third gets clobbered by both market value and the rate increase. Try reading the memo yourself.[/quote]

Can you explain this? Why did the rate go up 8 percent regardless of house value? I thought the percent increase is based on the market value of the house?[/quote]
MoCo reassesses home values every three years regardless of year to year market fluctuations.

If the value of your home was $1,000,000 the tax increased 4.7%. If you are in an assessment year, your home value may have gone from that $1,000,000 last year up to, say, $1,200,000 and you're paying tax on that new value - including the 4.7% increase.[/quote]

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