Property Taxes Anyone?

[Terrel L. Shields]

 

[Fernando]

CA has Prop 13 so real estate taxes capped at 2% nice.
Except for junk fees.
I didn't realize it til six months later but the tenant's sewer overhead charge were included in my tax bill. WTF.
I had to increase tenant's rent to reimburse me.

 

[OSU Beavers]

Oregon has a 3% increase cap on assessed value, a 1.5% cap on school + government tax rate, and a % + inflation cap on rents.

 

[Terrel L. Shields]

No such luck in Illinois apparently.

 

[The Bob]

Ours RE tax is $10k. Tried to appeal assessment last year. They used sales of 6000sf+ with 4-6 bedrooms and full finished basements. We have 4200sf, 3Br, 3.1 baths. No basement. Ours was custom and we had a bunch of things that upped the price, but still, we should be assessed similar to our neighbors who also had similar updates. Assessor stated in public that they do not take into account # of bedrooms or baths.

 

[Tom D]

i so wanted ro keep gentrication feom my neighborhood. but it was moving my way and so have been the rising re taxes now.

 

[Vermonter]

Ours went up 14% on our house and 8% on our rural property.

Our legislators got crazy implementing programs paid for with covid relief and instead of ending the programs when the funding dried up, they just put it on the taxpayers.

 

[Terrel L. Shields]

My valuation is up 40% in 3-year cycle. But as over 65, taxes are fixed on assessed value. Tax rate, not so much, so it does go up slightly as the millage rate increases.

 

[Artemis Fowl]

Ours RE tax is $10k. Tried to appeal assessment last year. They used sales of 6000sf+ with 4-6 bedrooms and full finished basements. We have 4200sf, 3Br, 3.1 baths. No basement. Ours was custom and we had a bunch of things that upped the price, but still, we should be assessed similar to our neighbors who also had similar updates. Assessor stated in public that they do not take into account # of bedrooms or baths.

Probly square footage pricing based. Good to understand how they do it.. Here we use depreciated cost modified by neighborhood sale trends. It's statistical mass appraisal. Tax increases capped at 5%. Number of bedrooms don't count unless we depreciate for functional (1 or 2 bedroom). Bathroom fixtures we do count as the associated plumbing costs matter. It's basically Marshall & Swift costs. Generally a well prepared valuation argument does well on appeal if there's a genuine value issue. We've trained our boards as well as possible so they get it right most of the time. If they don't then petitioners are encouraged to take it to the Tax Tribunal where our office gets the ability to perform a more traditional appraisal. Most times we end up coming to an agreement before ever seeing a Judge.

 

[IlliniApp]

No such luck in Illinois apparently.