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Question
are property tax rates levied at the market rate of the property, and how often is that rate assessed?
*note: this question is not "conversational" or "polemical" so please don't get it deleted (that seems to happen to me for some reason when i post questions like this). i am asking a legitimate question, and am looking for legitimate answers. thank you. and is it fair to the taxpayer if the market value of their house has risen in a speculative bubble? its rise might be totally external, and it might just be on paper or hypothetical, so is it really fair to tax the homeowner on that speculative value that he or she has no control over? or is this not how property taxes are calculated? i'm really not sure. could someone fill me in please, and offer some thoughts on the fairness of assessing people on home value that is the result of speculation? ok. so i see that there are measures in place to minimize assessed value being influenced by short-term speculation. but what about with a long term rise in actual value. my question, in this case, is: is it fair to tax old people who moved into their home decades ago at today's rates? what if they can't afford those taxes because they've already retired?
2 months ago - 2 answers
Best Answer
Chosen by Asker
actual it is not speculation at all--sorry-- every county will re-asses property every few years. They already know the square footage of the home and type of construction and bed rooms and baths. They hire appraisers in the area about every 5 years to do a drive by and that is where the fair market value is determined and it is off recent sales of similar in the area. Now if your market has declined get your own appraisal and pay for it and if less then take it to the county and fight for fair assessment of value. Best I can Tell you it worked for me a few years ago
2 months ago
Asker's Rating: 
Other Answers
Property taxes are assessed by the Board of Assessors in the town or city in which you live. The calculations and formulas they use are specifically designed to eliminate short-term variations in housing prices. Ask them, and they'll be glad to explain how they determine the value of homes in your community. Also, if you disagree with the assessed value they've placed on your home, most cities have a procedure in place for you to contest their findings.
by rtfm- 2 months ago