Newsy Informative Read
Description
Vocal Characteristics
Language
EnglishVoice Age
Young Adult (18-35)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
so you're confused about your notice of value. Why does it keep changing? And what's the deal with the street percent cap? In the late nineties, people were moving into our state and impacting the real estate market. This is great, but it kept driving up property values of longtime locals, resulting in substantially higher property taxes. To help limit thes valuation hikes, the Legislature passed the 3% cap on yearly residential property value increases. This means your home's assessed value could only increase up to 3% each year. Even if the true market value of your home is higher than that, creating this cap has helped prevent the large tax increases the locals were experiencing. Now, Under this cap, it is possible that your property value could increase by 3% each year, even if the market is stagnant or declining. Don't worry. There's nothing fishy going on. The cap can create a gap between the market value and your assessed value, So even if the market isn't moving one year you're assessed, value might still increase. To help bring you closer to a fair and accurate valuation, you might also notice that your value can still change by more than 3%. How, For example, if you build in addition to your house, the main part of your house will still be under the 3% cap. But the new addition will be assessed that market value. Other exceptions can apply for zoning changes, new property or recently sold property, all for the purpose of achieving a fair and accurate valuation. Nobody wants unexpected increases in property value or taxes, and that's why we have the 3% cap assessors air here to help. Their mission is to pursue fairness and equity, and they take great pride in it. So you're confused about your notice of value. Why does it keep changing? And what's the deal with this 3% cap? In the late nineties, people were moving into our state and impacting the real estate market. This is great, but it kept driving up the property taxes of longtime locals, resulting in substantially higher property taxes. To help limit thes value hikes, the Legislature passed the 3% cap on yearly residential property value increases. This means your home's assessed value could only increase up to 3% each year, even if the true market value of your home is higher than that. Creating this cap has helped prevent the large tax increases the locals were experiencing. Now, Under this cap, it is possible that your property value could increase by 3% each year, even if the market is stagnant or declining. Don't worry. There's nothing fishy going on. The cap can create a gap between the market value and your assessed value. So even if the market isn't moving one year, your assessed value might still increase. To help bring you closer to a fair and accurate valuation, you might also notice that your value can still change by more than 3%. How, For example, if you build in addition to your house, the main part of your house will still be under the 3% cap. But the new addition will be assessed that market value. Other exceptions can apply for zoning changes, new property or recently sold property, all for the purpose of achieving a fair and accurate valuation. Nobody wants unexpected increases in property value war taxes, and that's why we have a 3% cap. Assessors are here to help. Their mission is to pursue fairness and equity, and they take great pride in it