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Page 17 of 31 |
I bought my house last year. Shouldn't the value be the same as what I paid for it a year ago? |
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One type of transaction by itself does not necessarily determine market value. The price you paid for your home will be verified, but then it will be pooled with sales of similar homes. The appraiser uses this collective information to value your home.
Also, values may have changed from the last year because of real estate market forces. For any number of reasons a neighborhood, or a particular house style (e.g., one-story houses or a ranch home), may become very popular, thus causing market values to rise at higher than average rates. Some properties increase at a higher rate because they are more desirable to purchasers (e.g., located next to open-space land). Therefore, some property owners experience larger increases in taxes.
Inflation and the economy of the entire community also affect your assessed value. As building material, labor, and the cost of money increases, the value of the existing housing stock also increases.
Another factor affecting taxes are the levies voted and approved by property owners. These can vary from year to year and increase taxes as they are approved and added to the basic funding for a district. |
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