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I live in Aberdeen and have heard in the near future they are re-evaluating our taxes in the township. I have no problem with that as i live in a very old house 1930 1 bath 2 bedroom 50x100 lot basement needs to be re done. it floods in very heavy rain and needs remodeling in living room. we have put in new cabinets in the kitchen and new tile floors in kitchen and bath. does anyone know that they will feel our 4007 a year tax bill be enough or will they go up. all the houses around me are much newer and have done major work on them.
deb
I live in Aberdeen and have heard in the near future they are re-evaluating our taxes in the township. I have no problem with that as i live in a very old house 1930 1 bath 2 bedroom 50x100 lot basement needs to be re done. it floods in very heavy rain and needs remodeling in living room. we have put in new cabinets in the kitchen and new tile floors in kitchen and bath. does anyone know that they will feel our 4007 a year tax bill be enough or will they go up. all the houses around me are much newer and have done major work on them.
deb
Revaluations tend to affect the older homes in well established neighborhoods that haven't been revalued in 10 years or more. The newer homes have more reasonable tax assessments. You can expect your taxes to increase but since your house is small it will probably be something you can live with. Also, when assessments go up, the tax rate falls, so you cannot base it on your old tax rate, the township should tell you what the new rate is and how much your taxes are estimated to change.
It has nothing to do with whether or not they think that your tax bill is high enough. The town is required to do a complete revaluation whenever the total assessment ratio falls below a certain point (usually 50%).
Your assessment will go up and the tax rate (per $100 dollars of value) will go down. Nobody can tell in advance how much your annual tax bill will be, but as someone else already mentioned, older homes tend to pay more, and newer homes tend to pay less.
It has nothing to do with whether or not they think that your tax bill is high enough. The town is required to do a complete revaluation whenever the total assessment ratio falls below a certain point (usually 50%).
Your assessment will go up and the tax rate (per $100 dollars of value) will go down. Nobody can tell in advance how much your annual tax bill will be, but as someone else already mentioned, older homes tend to pay more, and newer homes tend to pay less.
Assessment ratio? Funny my house was 90 grand in 91 and 260,000 in 2007. i think the total assessment ratio fell well below 50% five years ago. This is total BS my taxes on the assessed value of the house at 90,000 is over five thousand dollars. Now with property values falling the town decided assess before it's too late. It's a total joke.
now when they say assesment they mean like the same kind of appraisal as if you were buying a home or refinancing? my little tax card i get every year says land:35,000 building:50,000 total tax bill 4,073. does that mean the value of my home back in 1990 was 85,000? so i just refinance and my house was valued at 225,000 does that mean my new assesement is going to be that? so then my taxes if i did figures right will be over 12,000 a year? sounds kind fishy to me....
Generally, the assessed value should land in the same area as its appraised value. The town assessors will use a formula based on recent sale prices of comparable homes and other items, but each municipality is different.
Also, as mentioned, your tax rate will change. So no, your taxes should not go up to 12,000. The new tax amount will be (saying they assess at $225k) $225k X your new rate, which will probably still end up around the same tax amount. You'll just have a new rate and a more current assessed value.
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revaluation
