Quote:
Originally Posted by GP_Matt
That isn't how property taxes work.
The city sets a budget for the year and divides it by the total value of all the property in the city then multiplies it by the value of your individual property.
If every house in the city doubled in value the property taxes would not double. Any tax increase is due to the cities rate increase and any change in the value of your property relative to the whole city. ie. If your property doubled in value but the rest of the city remained unchanged then your taxes would double.
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I wasn't arguing how property taxes work in the macro sense. I was speaking to an individual's situation.
The city's property tax increases would be mere dollars if all other things were equal.
Where people see big jumps in their tax bill is from their assessed value rising significantly. We both know that the entire city doesn't rise at an equal rate, so I stand by my argument that the people most likely to complain about huge property tax increases are simply those living where their assessed value is rising rapidly.