Published on March 4th, 2021
It Might Not be the Reason You Would Think
Aventine Properties | 3 min read
An increase in your property tax bill can be explained by one of two numbers – the assessed value or the tax rate. Tax rates typically increase each year, but districts rarely reassess unless your municipality is a fully assessing jurisdiction, i.e. a municipality with a residential assessment ratio (RAR) of 1. As a homeowner, you may never see an increase in your assessed value; but if improvements are made to your home or your district reassesses all properties, you could potentially see a substantial increase in your property tax bill. 🙁
Improvements made to your home can significantly affect your property value by increasing your assessment. Adding an additional story or extension, another garage, an in-ground pool, or a finished basement will almost always increase your taxes. Central AC, heating, and sprinkler systems, can also increase the value of your home. Other items like solar panels, trampolines, and playgrounds do not typically affect home value as they can be easily disassembled and discarded.
Projects done by your town will affect taxes, or more specifically the tax rate, as well. Building a new school, a new road or sidewalk could all lead to tax bill increases. Town improvements can also drive-up home prices as your property will become more appealing to potential buyers.
If you believe you are paying too much money in property taxes it’s up to you to take the first step in disputing your assessment. Each town has tax grievance procedures in place allowing homeowners to contest the town’s valuation of their property. The process is lengthy and complex, but with proper guidance and representation you can successfully reduce your assessment and proportionally lower your property tax bill.
If you are haunted by never-ending increases in your property tax bill, Aventine Properties can help you. For over 17 years we’ve been successfully representing thousands of clients and saving them millions of dollars in property taxes. We research your case, represent you in court, and aggressively seek to reduce your assessment. Let us take the tax grievance process off your hands and save you money! 😊