Tax Assessment Increases
I am sure everyone is somewhat surprised by the huge increase in your property assessment that recently came in the mail. Some values increased by as much as 85%. You can appeal but everyone is aware of the real estate market here at the lake zooming to record highs in a short time. The Tax Office in the Court House can give info on how to appeal if you so choose. But one thing to keep in mind is that the county must use the Constant Yield process to determine the actual tax rate. This means that as the value of property goes up, the tax rate must come down to yield the same revenue as the prior year unless there are unusual needs by the county. The county commissioners will decide on a new tax rate sometime in the Spring of 2023 for 2024. Stay tuned and it would not hurt to write the commissioners to remind them to be frugal!
I am sure everyone is somewhat surprised by the huge increase in your property assessment that recently came in the mail. Some values increased by as much as 85%. You can appeal but everyone is aware of the real estate market here at the lake zooming to record highs in a short time. The Tax Office in the Court House can give info on how to appeal if you so choose. But one thing to keep in mind is that the county must use the Constant Yield process to determine the actual tax rate. This means that as the value of property goes up, the tax rate must come down to yield the same revenue as the prior year unless there are unusual needs by the county. The county commissioners will decide on a new tax rate sometime in the Spring of 2023 for 2024. Stay tuned and it would not hurt to write the commissioners to remind them to be frugal!