Remember, a Principal Residence (Homestead) is exempt from 18 mills of school operating taxes!) Why did my taxes increase?
• The tax rate increased. Periodically, voters have an opportunity to renew or approve increases to tax rates at special elections. If voters approve additional millage, your taxes will increase. • Your taxable value increased. Your taxable value may have increased because (a) it was adjusted by the annual Consumer Price Index, (b) it was uncapped after property ownership transferred, or (c) new construction or omitted items were added. Why are my neighbor’s taxes less than mine? Property values are determined individually and differences in style, size, condition and amenities cause differences in taxable value. If you recently purchased your property, your taxable value was uncapped. Your neighbor’s taxable value may still be capped and less than yours. A lower taxable value means lower taxes. I’m building a new house. How can I estimate the taxes? Estimate your annual taxes by multiplying ½ of the estimated total value of the completed home times the tax rate. Be sure to add land va
Related Questions
- Remember, a Principal Residence (Homestead) is exempt from 18 mills of school operating taxes!) Why did my taxes increase?
- Remember, a homestead is exempt from 18 mills of school operating taxes!) Why did my taxes increase?
- What is the Principal Residence Affidavit and what happened to the homestead exemption?
