Hot_Egg5840 t1_jbqdi3n wrote on March 10, 2023 at 10:17 PM

So, in the end, the couple is happier to pay more taxes because appraised value is usually used as the basis for the tax bill. Right?

Alis451 t1_jbql5fb wrote on March 10, 2023 at 11:10 PM

their house is worth 1.5 million, i don't think they give a shit about measly taxes...

Hot_Egg5840 t1_jbqqbsk wrote on March 10, 2023 at 11:48 PM

A fifty percent jump should make anyone notice.

Alis451 t1_jbr98gn wrote on March 11, 2023 at 2:18 AM

What i mean to say is, they are black not poor.

[deleted] t1_jbr66x3 wrote on March 11, 2023 at 1:53 AM

[removed]

Derpaderpplerp t1_jbrh7kg wrote on March 11, 2023 at 3:25 AM

The sale price is used, for the start. Then increases are usually capped to x percent rise per year after for tax purposes.

This protects me as a homeowner from having a massive tax increase just because the housing market has lost its collective mind.

My 300k house now appraises as a million, but im nowhere near that after homestead exemption and the caps on per year increases in my state.

If i sold this place and bought a new place on the other side ofthe road for a million, i would be starting off with that much highersale and appraisal.

This makes it very common for folks to not be able to afford to sell and move up because they would get punched in the wallet by taxes.

0b0011 t1_jbt5u26 wrote on March 11, 2023 at 2:52 PM

Sure but that doesn't always mean they pay much more. In my state, house taxes are reaveluated when you buy a house and they tell you how much you have to pay then it can only go up a certain amount per year no matter how much the home value is. Ypu buy a house for 200k and 3 years later the house is worth 600k but you only pay taxes as if it were a 200k house. When someone buys it it's reevaluated and they now pay taxes as if it's a 600k house.