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Old 01-31-2017, 01:26 PM
1,985 posts, read 1,384,237 times
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The impending recession may time well with this.
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Old 01-31-2017, 01:53 PM
1,453 posts, read 994,486 times
Reputation: 1669
Originally Posted by Pfalz View Post
I wouldn't call property taxes a small expenditure by any means. Assuming a 30-40% increase, that would make property tax payments to escrow approx. 45% of my total mortgage payment. I purchased in 2011; for those who purchased prior to 2000, taxes probably represent the majority of their housing payment.
If your house appreciates 30-40%, you will not necessarily see a 30-40% increase in property taxes. The county will adjust the rate as well to be revenue neutral to what they budgeted.

So in 2018 the property tax revenue budget for the county is $983,520,079. In 2019 they will reassess property, some people will have their property assessed higher, some might have it lower. They will adjust the rate so that on all the homes the revenue still equals $983,520,079. So we would end up with a situation where property values are higher, but lower tax rates.

So in simple math:
Today's property tax revenue:
Countywide property is worth $120,573,750,031 x .8157% rate = $983,520,079 in property tax revenue

If property appreciates 30%, then they lower the tax rate to get the same revenue:
Countwide property becomes worth $157,747,875,040 x new .6275% rate = $983,520,079 in property tax revenue

While the bill smooths out county-wide, some people will see higher bills and others will see lower bills.
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