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Originally Posted by chipj29
My house value has triple since I bought it in 1996. I have been reassessed, and sure as hell my taxes went way up, but not because of a view. It is due to the value of the home. Who determined that value? The market did.
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Your taxes did not go up because your house value went up. That's not the way the system works.
Your taxes went up only because of one or more of these reasons:
1) you house value went up
more than other houses in town, therefore you are effectively now paying a higher proportion of town taxes.
2) your town is now spending more money (and/or getting less in non-tax revenue) and so everyone in town is paying more
If every property in town suddenly was worth 10 times its current value, and town spending (and non-tax revenue) stayed the same, your taxes would not change at all! But if your house goes up 20% and another house goes up 10% you will be paying more and the other owner will be paying less (w/constant spending).