Hello Everyone, I got home from work and found a letter in my mailbox from the city. It seems my property has been reassessed and increased by 47,000 dollars. My home wich i finally paid in full three years ago is now going to coat me 5,000 dollars a year in property taxes. I got rid of the bank but now a new slave owner is asking me to pay up to live in my own home. Whats really going on. They killed the business owners and are laying the loss of tax revenue onto the home owners. These thieves are stealing from their own citizens. And don't get me started on the innumerable fees everywhere. Firehydrent, garbage can fees, wheel tax ( every car in the city pays 40.00 for each wheel touching the road) this is thievery. Taxation without representation. Thieves!!!
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In my state a homestead exemption applies to your primary residence. The assessed value is locked until it sells again. But you have to apply for it.
When the work building got reassessed we had a huge tax hit. I traded a real estate agent some services and had them draw up a lowball comp report and used that to challenge the assessment. During that process I learned that the assessment office just pulls a magical number out of their hat to meet a budget number and then that’s how much assessments go up for everybody due for a adjustment that year. It’s not like smart people individually look at each property.
If I were you, I would find out how to challenge assessments and get prepared to show lowball comps of recent sales or listings as your proof. Chances are the assessor doesn’t want to work hard and realizes their numbers aren’t good, anyway. It’s easier to negotiate down than prove their guess and it’s ultimately not their money to make either.
We're pretty safe. Property tax increases were capped a long time ago and it was and remains a VERY BIG DEAL to the voters here.
Homestead/agricultural/forestry exemptions are based on owning a certain amount of acres and every state is different on the number of acres that is. For example in Vermont you have to own 25 acres to get it. In New Hampshire it’s 10 acres.
I've done that - twice - in my borough. Paid $100 each time for the privilege of challenging their assessment. Just to have the broker who made the fees off my sale testify against me before the borough ruled against me. It's a rigged system.