Property Tax 2023

[ownyourfuture]

South Central Minnesota. Up 15.6% over 2022.

 

[jebmke]

Ours are capped. County is not legally allowed to increase revenue by raising taxes. If the aggregate tax base increases, rates drop. Services suffer as a consequence.

 

[foxfirev5]

Ours are capped. County is not legally allowed to increase revenue by raising taxes. If the aggregate tax base increases, rates drop. Services suffer as a consequence.

While ours is capped at inflation there is no limit to the number of special millages that can be added. There's even an option of additional millages to override the cap. So far most of these happen in the Summer elections where senior voters show up in force.

 

[RetMD21]

South Central Minnesota. Up 15.6% over 2022.

Is this based on higher assessed property value?

 

[Dtail]

With the homestead, ours are capped at a maximum 3% yearly increase, plus since we were already adjusted with the 2019 purchase, others will be catching up.

 

[braumeister]

South Central Minnesota. Up 15.6% over 2022.

I hear you.
Up nearly 18% in northern Kentucky.
Rates didn't change much but assessed value went up a lot.

 

[ownyourfuture]

Is this based on higher assessed property value?

Yes. Estimated market value went up almost 20%

 

[W2R]

Mine has gone up 7.7%, from $1,970 to $2,121.

The assessed value is the same so that must all be due to increases in millage.

This doesn't make me happy! On the other hand, we are satisfied with the services, maintenance, etc. that we get for our property tax dollar in this suburb. So, I shouldn't complain. The value per property tax dollar is much worse in the city, IMO.

 

[momoftwo]

Our too high NJ property taxes of $6200 on our small 2 bedroom retirement single family get us excellent services at least. About half of our pre-retirement taxes on larger SFH.
In 2023, we will qualify for a 'senior freeze' going forward.
That is much anticipated and will be appreciated.

 

[FlaGator]

Declined ~1%.

Taxable value up a few % due to state limitations and long-time residency, market value up substantially.

Millage rate dropped a bit due to substantial number of high-priced vacation rentals sold last year. They have high taxable values but aren't eligible for the limitations of long time resident home owners.

Florida is great - tax out-of-staters just enough to complain, but not enough to bail, while keeping taxes low for residents.

 

[Al18]

NJ taxes down $4 next year. Property taxes still just over $7000 per year.

Homeowners with less than a $150,000 income will get a $1500 rebate in April thru the Anchor Tax rebate program. Homeowners with income between $150,000 and $250,000 will get a $1000 rebate.

 

[jazz4cash]

Consider appealing the assessment if its not too late.
Always interesting how this works in different states. In MD we are re-assessed every 3 yrs by the state. They are supposed to be a neutral party since the property tax revenue goes mainly to the counties, cities, and towns. There is a constant revenue provision that theoretically prevents the gov’t from collecting a windfall just because property values jump up. Another provision limits the maximum increase. If the assessment goes up by 12% it is phased in 4% per year over the 3 yr cycle. When the housing crises hit the assessments went down proportionately.

Last cycle we had an excessive assessment based on recent sales in the neighborhood including both next door neighbors. I really dug into the process and filed an appeal. I put together a pretty good case including recent comps and errors in the property records. They had two ambiguous subjective categories in the worksheet. It was something like ‘quality of neighborhood’ that could be used to jack up assessed value. I won the appeal which resulted in a significant saving every year for as long as we own the home. We also get a homestead exemption which I noticed many neighbors never applied for which I blame on shoddy realtors.

 

[Badger]

With the homestead, ours are capped at a maximum 3% yearly increase, plus since we were already adjusted with the 2019 purchase, others will be catching up.

+1 Ours is about $2.5k this year. Not much different than the past few years.
Since most all of the houses on our street have been replaced with McMansions except for ours I checked the taxes on a few of the larger ones. I found that they were all paying annual property tax that was within 1k to what I paid for my entire house 40 years ago.
Glad we didn't move after retirement. Sometimes it isn't being smart but dumb luck instead.

Cheers!

 

[COcheesehead]

Western Colorado - down 3% and they are reducing the state tax rate too next year.
Market value of the house is up 30% in the two years since we built.

 

[cyber888]

Ours is up 8% here in NC. But they said they review every 5 years, so should be steady for the next few years.

 

[audreyh1]

Mine actually went down slightly!

 

[Bamaman]

Our property taxes rise slightly every year--along with the assessed value. $450K value second house has a $1,266 property tax.

My main home has $0 property taxes because my wife is disabled.

Alabama property taxes cannot increase substantially without the State Constitution changed, and voters will not go with that on a referendum. We're into less government down here.

 

[VanWinkle]

Ours will be going from 6500 on 275k home to 3000 on 600k home by moving from one state to another. Goodbye Illinois.........

 

[djsander]

We won’t know until April 2023 assessment. Bought our house last year and then this year the assessed value went up due to our purchase. Fortunately the tax man assessed it for less than we paid for it so our taxes didn’t go up as much as we were budgeting. We live in New Mexico and property is assessed in January and valuation sent out April 1st. Then taxes due notices are sent in November and are due November and then April. So property taxes for the year are paid at the end of the year and the beginning of the next year. It was confusing at first, but now get the hang of it.

 

[NanoSour]

Thanks to a hot local RE market, my appraised value just increased 37% from 2022 to 2023. My property tax for 2022 was $6,461 and I'm a little nervous as to what 2023 bill will be. I may have to fight this one on principle.

 

[Pellice]

Our too high NJ property taxes of $6200 on our small 2 bedroom retirement single family get us excellent services at least. About half of our pre-retirement taxes on larger SFH.
In 2023, we will qualify for a 'senior freeze' going forward.
That is much anticipated and will be appreciated.

I qualified for the senior freeze for the first time this year, and it was very nice, although it will be dwarfed by the ANCHOR rebate that most will get next year. New Jersey is no longer a bad place for retirees -IF your income is under $100,000. Social Security is not taxed, and retirement income from pensions and IRAs is not taxed under $100,000. Plus there's a property tax feeze for seniors with similar income restrictions, and that upcoming ANCHOR rebate said to be worth between $1,000 and $1,500 for most.

The high taxes fund good services for seniors who need assistance - subsidized meals, transportation, senior care coordinators. My 85 year old friend could benefit from many of these, but the trick is figuring out how to access them.

 

[ownyourfuture]

A related follow-up question from the OP. Does your state offer a property tax rebate or something similar ?

South Central Minnesota (Single) My rebates for the past 5 years.

Year- - - - Federal AGI- - Property Taxes- - Rebate Amount
2017 - - - - $44,939- - - - $1480 - - - - - - - - $335
2018 - - - - $48,522 - - - - $1506 - - - - - - - - $292
2019 - - - - $43,245 - - - - $1506 - - - - - - - - $396
2020 - - - - $44,962 - - - - $1712 - - - - - - - - $520
2021 - - - - $46,637 - - - - $1786 - - - - - - - - $550
2022 - - - - - - ? - - - - - - - $2042 - - - - - - - - - ?

I should be eligible for a ‘Targeting Property Tax Refund’ refund next year.
The special or "targeting" property tax refund requires your net property tax to have increased by at least 12%

The special property tax refund is not based on income.

https://www.house.leg.state.mn.us/hrd/pubs/ss/sstrgt.pdf

48,522 Put me over the cliff by around $200, which cost me around $6000.
Definitely don't miss the cliff

 

[VanWinkle]

First year last year in Illinois.... Coincidence that it was an election year for the governor.... Hard to say.

 

[kjpliny]

Ours are $16,744, up about $120 from the year before. Won't get the 2023 tax bill until next May. Most of the property taxes in NY go to school funding, and there is an annual 2% cap on that unless voters approve a larger budget.

 

[ncbill]

Ours is up 8% here in NC. But they said they review every 5 years, so should be steady for the next few years.

NC requires local counties to reassess at least every 8 years...many do so every 4, like mine.

Property tax is cut in half for those over 65 with a annual household income under ~$34k (limit increases annually)