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Page 15 of 31 |
How can taxes go up when property values don't? |
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| Property taxes can increase because the individual taxing districts need to raise revenue to provide services. The presence of locally voter-approved bonds and override levies also may be responsible for growth in tax rates. If a district's budget increases while the assessed value of all property remains the same, the tax rate will increase and individual property owners will pay higher taxes. If business is bad for local industry, the area's economy can suffer and affected property values may go down. However, your taxes may still be higher since taxing districts still need to pay for basic services or the taxing entity may need more money due to inflation, emergencies, and so forth. |
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