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Page 23 of 31 |
I paid nearly double on my home than my neighbor whose home is in the same condition, on the same size lot as mine, and with same square footage. Why are my taxes higher? |
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Assuming that you both purchased nearly identical property at the same time, and have the same property characteristics, the key here is to compare individual amenities. That’s because assessments take into account not only the land size, square footage, age, location, and type of construction, but also any permanent “perks”. Central air conditioning, fireplaces, titling, hot tubs, terraces, finished basements, or decks will make a big difference in assessed value. Perhaps your neighbor looks out over a cemetery, is on a busy street, or overlooks a nearby freeway while you enjoy a forest of trees in your backyard, or are on a lakefront. There may be major structural problems that are apparent from the exterior.
Your neighbor’s property may be taxed by different taxing districts than you are and those rates can vary considerably. A common example of this occurs with schools: your child may go to school in one district, while the neighbor’s child across the street attends school in another.
Another reason is tied to property tax exemptions. Your neighbor may be receiving some exemptions (e.g., senior citizen, veterans) or some form of property tax reduction that you may not.
Finally, other factors are weighed, such as the quality of surrounding properties, neighborhood amenities, such as parks, distance from shopping. |
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