Property Tax Increases

[MichaelB]

A friendly reminder to avoid snarky political comments...

 

[Big_Hitter]

We're more than 3X those numbers on a much lower value. Taxes here are 2.3% of value vs your 0.5%. Then again, no income tax in Texas.

Texas has high property taxes but as you mention, zero state income tax.

Our rates are about 1.5% but we have a state income tax

 

[ShokWaveRider]

The Coors beer desert of the City & County of Denver
We bought our new-build house in 2011 for $482K. Current market value is $840K.
Taxes up 22% in 7 years. Taxes are typically 0.5% of market value.

2018 $3551.05 (paid in January 2019)
2017 $3540.45
2016 $3728.33
2015 $3571.96
2014 $3300.57
2013 $3301.99
2012 $2894.56
2011 $1964.25

Dave's assessments must be a lot lower though. Our home is value is slightly less ($750k, but our taxes are almost double his and that includes our $50k homestead exemption, but our rate is about 1.7%. We have no State tax and our sales taxes are very reasonable.

 

[geeky_grrl]

Our property taxes have only gone up about 10% in the past five years. Our assessed value pretty can't go up more than 3% a year by law (but is pretty much guaranteed to go up that much since our assessed value is way below market) but some bonds fell off our taxes during the 5 years as well.

We are paying close to 2% of our assessed value (and 1.25% or so of our market value) which seems awfully high, but we don't have sales tax so property tax is the only funding for local government.

 

[Al18]

My taxes went up a total of 20% of the past 10 years - which seems reasonable considering inflation. The bad news is I live in NJ - the highest property taxes in the nation.

 

[gwraigty]

2018 $2,667
2017 $2,754
2016 $2,752
2015 $2,768
2014 $2,737
2013 $2,822
2012 $2,305

 

[kgtest]

I'll play. This is a real sore subject for me, and I'll explain.

2014, just got married and decided...let's start a family! Great, the working horse of America doing what we do best to contribute to our economies...by procreating and becoming retail bearing parents with a new tax deduction or 2.

My assessed value at the time I bought was around 276k (I paid 375 PO bought 10 years prior for 420k and updated literally everything). The current assessed value for 2019 is 405k.

2014: 4017
2015: 3930 / -2.1% (for a year I was thinking, holy $hit taxes can go DOWN!)
2016: 4472 / +13.79 (clearly the assessor was like, we need those 2015 tax breaks back please)
2017: 4690 / +11.6%
2018: 4936 / +5.24%
2019: 5344 / +8.27%
2020: ~5535 (Guesstimate based on average %increase from prior 4yr)

If you average the past 5 FIVE I only went up 2.1% but I think it's more prudent to exclude the assessor's first year -2.1% gift and look at reality in the sense... taxes ALWAYS go UP!

In reality an average increase of 3.57% annually. Whereas the assessed value increased 46.74%

$5,344 (tax) / $405,000 (value) = 1.3% of the assessed value. IN reality, there hasn't been a 2 story 4br 4ba 4car 3000sq ft on 1/2 acre that's sold for less than 450k in our hood this past year and of course the TRUE value of the home is actually what someone is willing to pay.

Haven't seen a cop or firefighter on my street or in my neighborhood the entire time (we do get the plow), the roads haven't been paved since I moved in...and I'm fairly certain we still have the same elementary, middle and high schools... so they didn't spend money on that...hmmmm a real head scratcher right?

That's progress I suppose. Now y'all can truly see how much of a steal I got on my house...or looked at with the glass half empty...how much properties in my area have appreciated. #lakeLife

I paid 100k over the assessed value (which was assessed without all the updates and remodels) but 50k less than what the PO paid 10 years prior (during the housing build up of 2014/2015) and subsequent subprime lending debacle

 

[Gumby]

2009 - 2012 Rate of increase = 10% per year.

2013 - 2019 Rate of increase = 2% per year.

 

[davebarnes]

Very pleased with where I live

Dave's assessments must be a lot lower though. Our home is value is slightly less ($750k, but our taxes are almost double his and that includes our $50k homestead exemption,

1. I don't pay attention to assessment value as it is meaningless. What counts (in my opinion) is market value and tax amount. We are reassessed every 2 years. City says: current year - market value is $763K.
2. Our taxes will drop by $900 in 2021 when we have 10 years in the house and I am over age 65. https://www.colorado.gov/pacific/treasury/senior-and-veteran-property-tax-programs
3. Our Colorado state income taxes were $2280 for 2018. $20K of pension income is not taxed.
4. Denver city income tax was $69.
5. Trash pickup/recycling and street sweeping are "free" city services.

 

[11522914]

What specifically is increasing - the mill rate or the assessed value?

The mill rate increased from .534 in 2013 to .7207 today, 25.9%. The additional 9% was due to an increase in assessed value in 2016. Our home is reassessed every 8 years.

 

[JoeWras]

Just got my 2019 Property Tax Notice. 2019 increase 6%. Since 2013 my property taxes in Raleigh, NC have gone up 34.9%. Prior to that from 2009 - 2012 they went up less than 1%. For those of you who actually keep track of this, how much did your property tax increase over the same periods.

Another Raleigh guy.

I'll point out that our population has changed to a lot of people who moved in from elsewhere who have a "tolerance" for taxes. They brought it with them along with the elected officials. Things have collectively changed and we are seeing the results.

Don't look at your utility bill either and do the math.

 

[ShokWaveRider]

My 2c worth about this is the local government has to get cashish from some place. For Schools, Fire, Police, Mosquito Dept., Health Dept. Street Lights to name but a few.

They ether get it from Property Taxes, Sales Taxes, and/or State Taxes. Low Property Tax States will have higher State Taxes etc. High Property tax states will have low state taxes if any.

So, whining about the high RE taxes is really a fruitless exercise as other things will be lower. If they are all lower you will end up with less state resources or infrastructure etc.

You get what you pay for.

 

[gwraigty]

My 2c worth about this is the local government has to get cashish from some place. For Schools, Fire, Police, Mosquito Dept., Health Dept. Street Lights to name but a few.

They ether get it from Property Taxes, Sales Taxes, and/or State Taxes. Low Property Tax States will have higher State Taxes etc. High Property tax states will have low state taxes if any.

So, whining about the high RE taxes is really a fruitless exercise as other things will be lower. If they are all lower you will end up with less state resources or infrastructure etc.

You get what you pay for.

+1

Most of our property taxes support the local schools. Some goes to the county government. Very little goes to the local government, which was/is heavily dependent on income taxes. Continual losses of higher paying jobs over the last 20+ years has resulted in poor road conditions and inadequate safety services (which also leads to higher crime). I hope to relocate to a community that's better funded, even if it means paying higher property taxes.

 

[Bir48die]

My 2 cents worth is complain about overall tax structure of your state. I live in Oregon and PT’s can be all over the board depending on where you live. I liken it to NY or NJ if I’m the city proper. We then have 8-10% income tax. But we can buy our weed tax free so young locals are happy. As previous poster said, they’ll get it one way or another. I won’t “make a snarky comment” on how that state money is spent. That’s a whole ‘nother issue

 

[ShokWaveRider]

+1

Most of our property taxes support the local schools. Some goes to the county government. Very little goes to the local government, which was/is heavily dependent on income taxes. Continual losses of higher paying jobs over the last 20+ years has resulted in poor road conditions and inadequate safety services (which also leads to higher crime). I hope to relocate to a community that's better funded, even if it means paying higher property taxes.

Agreed, I would rather live in a place that high(er) property taxes better funding and a good Standard of living than in a LCOL place that had poor services. I think it is county based more than state based. Here in North East Fla our county is well funded, there are services a plenty and all in all a good Standard of Living.

 

[gerntz]

As the $ devalues, why wouldn't they go up? I sorta expect it.

 

[mrfeh]

The mill rate increased from .534 in 2013 to .7207 today, 25.9%. The additional 9% was due to an increase in assessed value in 2016. Our home is reassessed every 8 years.

Then it sounds like a matter to take up with your local representatives.

 

[jebmke]

Congrats, is your county called Heaven?

Depends on whether you want the sheriff or fire department to show up if you need them. If you don't need the fire department, I guess "yes." Or if you want a county road re-paved, then "no."



The schools have state mandated funding requirements so anything that isn't schools gets cut.

 

[GenXguy]

I'm in a high tax blue state. In 17 years, my property taxes have increased 70% despite no home improvements to account for it.

My home's true market value decreased about 10% over the same time period.

Annual property taxes are about 4% of the home's true market value.

These figures are all based on nominal dollars - no inflation adjustments.

The high taxes go in large part to the local schools and park district - neither which I ever used - no kids. Hopefully I can get out of this state like so many others are doing.

Additional note: My homeowner's insurance has increased about 100% during the same time period.

 

[ProspectiveBum]

CA’s prop 13 keeps increases low.

2013: $6,165
2014: $6,174
2015: $6,271
2016: $6,362
2017: $6,451
2018: $6,603

We could pay less living in another state, but the quality of life we enjoy here is tough to beat. SoCal traffic sucks, but I’ve wrangled a stable job two miles from home, so I don’t deal with it.

 

[RxMan]

Another Raleigh guy.

I'll point out that our population has changed to a lot of people who moved in from elsewhere who have a "tolerance" for taxes. They brought it with them along with the elected officials. Things have collectively changed and we are seeing the results.

Don't look at your utility bill either and do the math.

This is true although I think it’s more than a little ironic that many of those that relocated to NC fled high taxes in the first place (among other reasons like weather or jobs). I live in Cary and I can say that the increases for any of you in Raleigh like the increase I noticed on the property tax bill I just received in the mail is due to more money being allocated to the Wake County School System. Make of that what you will.

 

[Bamaman]

If you don't like property taxes, move to Alabama. My wife is disabled, and we have no property taxes on our 5,000+ square foot main home.

Our $400K lake house had property taxes increase to about $1,200 per year.

Although our state treasury is essentially empty, our politicians are limited by a poorly written State Constitution that doesn't allow large property tax rates without approval by the voters. And Alabama voters are so conservative that they don't consider the legislature to be good stewards of their monies.

 

[JoeWras]

This is true although I think it’s more than a little ironic that many of those that relocated to NC fled high taxes in the first place (among other reasons like weather or jobs). I live in Cary and I can say that the increases for any of you in Raleigh like the increase I noticed on the property tax bill I just received in the mail is due to more money being allocated to the Wake County School System. Make of that what you will.

It is ironic! Short memories.

Yes, our tax bills have a county and municipal portion. I'm mostly talking county. The political make up of the county commission has swung solidly in one direction over the last 10 years, after many years of back and forth ideology.

 

[athena53]

My taxes went up a total of 20% of the past 10 years - which seems reasonable considering inflation. The bad news is I live in NJ - the highest property taxes in the nation.

Ah, I don't miss NJ property taxes, especially with the SALT limitation on tax deductions. I used to live in Bergen County. Property taxes on the 3-BR home I sold in 2003 are now over $10K.

I'm in the Kansas City area and my property taxes have been increasing by about 10%/year- until now. They're currently at $4,100 but they just did a re-evaluation of assessed values and everyone's numbers went crazy. My assessed value went up by 40%, from $222,000 to $307,000. I filed an appeal and so did thousands of others; the Tax Office has been overwhelmed. Apparently there's a proposal to roll back the bigger increases and I might end up with a 15% increase in my assessed value. Fingers crossed.

 

[FANOFJESUS]

Our's go up 5% a year like clockwork.