“So has virtually everyone else’s. My house just appraised at almost double of what it was 3 years ago. Waiting for the inevitable property tax increases.”
I don’t believe it is possible to increase property taxes because RE values have gone up.
Municipalities can only collect enough RE tax to fund the budget. So unless the budget in your town increases what will happen is your tax RATE will go down but you will pay the same amount of tax based on a higher property value.
Welcome to Texas! Of course, the increases are *only* limited to 10% per year. So, even if property values go flat for a while after spiking for several years, Texans will still see increases in their yearly property taxes until their county's "appraised" value catches up to the actual worth of the property.
Personally, we will see the maximum 10% increase for 2021 (of course, Texas won't tell us this until late in the year - stupid ass system). Our property's value is up roughly 45% over what we paid for it in mid-2019.
So, even if the selling prices flatten out for the next four years, we should expect to see 10% yearly increases in our property tax bills those four years.
Where do you live? Here in Ohio they use a mill basis meaning your tax will be the millage multiple of your homes’ value.
That’s a very good point. Of course leftist enclaves will just increase their spending to match the new revenues.
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