Nobody likes hearing that taxes are going up.
Such is the case in the town of Bath, where a Town Board meeting was held on April 10, with residents pouring out to voice frustrations about assessments.
Properties were recently reassessed. It’s something that happens in most communities every few years. However, it has become a flashpoint for many who have watched the home prices soar in recent years.
Reassessment typically means higher taxes. According to local officials, properties have seen assessment adjustments as high as $50,000 to $250,000.
How much does that cost?
Well, property tax rates are calculated on a per-thousand basis. So, you’ll often hear officials describe the tax rate in a community, as XX-dollars per thousand of assessed value.
Say you lived in a community where the tax rate was $10 per thousand, and your home was previously assessed at $150,000. Your tax bill would come out to approximately $1,500. If your home is reassessed- and because of market conditions- the estimated value of that home is now $200,000 or $250,000- your tax bill just increased by a significant amount.
By $1,000 or $1,500 annually in those scenarios.
In the town of Bath reassessment hadn’t taken place since 2018. And surely, the value of those homes have changed over that time. However, after a lot of frustrated residents turned out to that meeting- the town board opted to redo reassessment at a later date.
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