Property Appraisal

[Jodi1980]

Does your property appraisal mostly stay the same or go up each year?

 

[mudnuri]

In the state of Vermont, they do reassesments (I'm guessing thats what you mean, not an appraisal) for property taxes every 10 years.

It's also against the law for them to raise the grand list % when they do. If the houses go up two fold- the property tax drops in 1/2...

Basically the property taxes can go up at town meeting every year- when the budgets are approved but they can not go up at assesment time.

We are in the middle of one now, will be complete in fall of 2005

Brandy

 

[DVC-Don]

Our town reassesses every year. It keeps us pretty close to market value that way. Lately it has been up every year, but there have been years where it dropped, like the mid 1990's.

 

[jel0511]

It truly depends on where you live, if asking for tax purposes. Mainly in the Northeast, they do assessments at least every 10 years, and your taxes can go up significantly at that time. If you are buying a new house, you should check when the house was reassessed, since it could be very soon, making the tax bill MUCH higher than advertised. In most other locations, tax assessments are tied to actual property values and change from year to year. I've lived in the same house for 5 years, and my tax assessment hasn't changed, but my taxes have gone up about 30% in the 5 years I have lived here. So assessment levels can have nothing to do with the rise of annual taxes, as much as the rising annual tax rate.