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I'm paying the same in Essex county. 4000 sq ft, 1/3 acre.
We are up for reassessment this year.
i know you know this, but reassessment doesn't automatically mean they are going up. the buzz around here (we just got our new assessments, but don't know the rate just yet) is that some higher end homes will see reductions over $5K. it'll be interesting to see how it pans out.
i know you know this, but reassessment doesn't automatically mean they are going up. the buzz around here (we just got our new assessments, but don't know the rate just yet) is that some higher end homes will see reductions over $5K. it'll be interesting to see how it pans out.
that's not how it works, let me try and explain, I'll use round numbers to keep it simple.
let's say a town needs to raise 1 million a year to fund it's operations, so what happens is that a tax rate is set let's say .10 cents for each dollar of a homes value, each home is given a valuation and assigned a value, so lets say your home is worth 10k, so your taxes would be 10k x .10 = 100.00. Now the reval happens, the town still only needs to raise 1 million a year and it is decided that your home is now worth 10.1 k, the tax rate would be adjusted and you'd still be paying about 100 a year in taxes.
In the real world what happens is that during a reval about 1/3 of the homes get a higher assessment, 1/3 the homes get a lower assessment and the remaining 1/3 stay the same, and as long as the town's needs for funds remain the same the tax rate would adjusted and 1/3 would see a tax small increase in their property taxes, 1/3 would see a slight decrease and 1/3 would remain steady. usually what happens is that the town usually raises the amount raised by taxes annually and coupled with a reval some people see a large increase, some see a medium increase and some get a small increase.
Bottom line is that reval has nothing to do with the amount of taxes the town collects, all a reval does is reapportion who pays what.
I hope my description wasn't too convoluted and you could understand the reval process better
that's not how it works, let me try and explain, I'll use round numbers to keep it simple.
let's say a town needs to raise 1 million a year to fund it's operations, so what happens is that a tax rate is set let's say .10 cents for each dollar of a homes value, each home is given a valuation and assigned a value, so lets say your home is worth 10k, so your taxes would be 10k x .10 = 100.00. Now the reval happens, the town still only needs to raise 1 million a year and it is decided that your home is now worth 10.1 k, the tax rate would be adjusted and you'd still be paying about 100 a year in taxes.
In the real world what happens is that during a reval about 1/3 of the homes get a higher assessment, 1/3 the homes get a lower assessment and the remaining 1/3 stay the same, and as long as the town's needs for funds remain the same the tax rate would adjusted and 1/3 would see a tax small increase in their property taxes, 1/3 would see a slight decrease and 1/3 would remain steady. usually what happens is that the town usually raises the amount raised by taxes annually and coupled with a reval some people see a large increase, some see a medium increase and some get a small increase.
Bottom line is that reval has nothing to do with the amount of taxes the town collects, all a reval does is reapportion who pays what.
I hope my description wasn't too convoluted and you could understand the reval process better
what i don't understand is how you misintrepreted my post to mean I didn't understand the reval process? are you saying people won't see a $5K decrease? if so, how can you be so sure?
to prove i *do* understand, may i reference a post of mine from september.
what i don't understand is how you misintrepreted my post to mean I didn't understand the reval process? are you saying people won't see a $5K decrease? if so, how can you be so sure?
to prove i *do* understand, may i reference a post of mine from september.
eta - based upon the new tax rate being buzzed around, i have a friend whose taxes will go from 21K to 17K.
if your friend is going from 21 k to 17k then there is someone else who will be going from 17k to 21k. the pot of money being raised isn't changed by a reval, what is changed is who pays what.
lastly don't believe anything anyone tells you about a reval 99.9% of the people cannot grasp the concepts involved ( except me, I am that .01%). The only person who will be able to give you the correct facts would be your town's tax collector or assessor
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