Two-bill plan emerging for reassessments (homes, neighborhoods, depreciation)

[BrianTH]

The original idea was to get the reassessment done in time for 2012 billing, but the County has dragged its feet in every way possible. So the new plan emerging in court is to allow most of the taxing jurisdictions to bill part of the year under the 2002 base-year system, and part of the year under the 2010 base-year system:

New assessments mean most property owners will get 2 tax bills

As always, it is important to note the state's anti-windfall laws will require automatic revenue-neutral adjustments to the property tax rates, and further limit the amount total revenues can otherwise be increased. Also note most of the school districts should only have to send one bill, since their billing year typically starts in July.

[gg]

Of course the monster school bill will be the new assessment.

[BrianTH]

Originally Posted by h_curtis

Of course the monster school bill will be the new assessment.

Which will be a good thing for many people--maybe even you!

[gg]

Originally Posted by BrianTH

Which will be a good thing for many people--maybe even you!

Most of the time taxes seem to go up, but thanks for a vote of confidence.

[BrianTH]

Originally Posted by h_curtis

Most of the time taxes seem to go up, but thanks for a vote of confidence.

Based on what you have told us I'd say you have at least a 50-50 shot--and it would be truly hilarious if your taxes did go down as a result of the reassessment, and sometimes the universe likes to work that way.

[gg]

Originally Posted by BrianTH

Based on what you have told us I'd say you have at least a 50-50 shot--and it would be truly hilarious if your taxes did go down as a result of the reassessment, and sometimes the universe likes to work that way.

If they go down, I will report that back and may even throw a party!

[BrianTH]

I'd accept a check in the amount of a drink (I'll leave it to you whether or not to also cover the drink tax).

[PreservationPioneer]

Just curious, but do taxes go down in neighborhoods and municipalities where homes are actually decreasing in value?

[BrianTH]

Originally Posted by alleghenyangel

Just curious, but do taxes go down in neighborhoods and municipalities where homes are actually decreasing in value?

The question is whether the given property appreciated/depreciated as much as the total in the relevant jurisdiction: if it appreciated less, or depreciated more, its taxes for that jurisdiction would go down.

For properties that lost value, it would depend on what happened in the relevant municipality and relevant school district (the county almost surely went up as a whole, but that is the least important tax). It is entirely possible--very likely in fact--that in some cases the municipal situation will be very different from the school district situation.

[squarian]

Originally Posted by alleghenyangel

Just curious, but do taxes go down in neighborhoods and municipalities where homes are actually decreasing in value?

That depends.

Neighborhoods have nothing to do with it. The only factors that matter are the municipal or school district boundaries (the tax base) and the tax rate set by those authorities (the millage).

If all or most of the properties in a given tax base see their assessments move the same direction, either up or down, and assuming the authority actually obeys the anti-windfall laws, then taxes should remain more or less the same. If the rate of appreciation/depreciation of an individual property is less or more than the average for that tax base, then that property's tax bill will change: higher if your property has appreciated more than the average, lower if it has appreciated less than the average (or has lost value, which was the claim of certain property owners whose suit Mr. Wettick found to have merit and who therefore started all this).

Always assuming that the taxing authority either obeys the law as it relates to windfalls, or else that civic-minded citizens are willing to sue their taxing authority to enforce the law. There is no automatic mechanism policing and enforcing these provisions.

So in short, if you own an absolutely average property, and the muncipal/school officials voluntarily abide by a law which otherwise cannot be enforced outside of the courts, then your taxes will remain the same.

Or as a Spanish captain put it on the eve of the sailing of the Armada, "we are sailing against England in the confidant hope of a miracle.”