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Originally Posted by Gatto Nero
I just came across this article in today's Citizen and I was wondering if somebody smarter than me could help me figure out how the actual tax rate might be estimated in advance.
http://www.citizen.com/apps/pbcs.dll...238/-1/CITIZEN
According to the article by Erin Plummer "The town's property values have increased by 63 percent, according to assessors, but that doesn't mean residents will see tax increases......
....The increase in the town's overall valuation may mean tax increases or decreases, depending on the increased value of each property. If a property's value increased by more than 63 percent, Commerford said an increase in taxes can be expected, while properties whose value increased by less than 63 percent or did not increase at all will likely see no change and the rate may even go down."
If what the article says is true, and Meredith doesn't vote to increase taxes, then is it safe to assume we could take the existing tax rate and reduce it by 63% to come up with an approximated new rate?
My last tax bill shows a rate per thousand of 16.26. Using the math above I come up with a new rate of 6.02 (16.26 x .37 = 6.0162), which would then be applied to the newly assed value. I am on the right track here or is this way to simple to be even close? |
a house that previously was values at 100,000 had a tax bill of $1626. your house value goes up 63% to 163,000 and your taxes remain at $1626 so the effective rate is 10.03.