CONNECTING THE DOTS

CONNECTING THE DOTS – Cities Going Broke ! Property Tax HIKE ! coming across Canada ! There gonna tax us to Death !

Due to the amount of people leaving the Big Cities , And the price of homes across canada keep going up , Property Taxes Need to go UP ! this will drive out more middle class families !

As if buying a home isn’t expensive enough, you have to pay property taxes on top of a mortgage and insurance. For those who haven’t had the, ahem, pleasure of dealing with them, a property tax is a tax on the real estate you own, including both the land and the value of your home. The funds collected from property taxes are used for libraries, public schools, road construction, and a handful of other programs, so they are an inevitable fact of home ownership in the U.S. The thing is, your property tax rate isn’t fixed because the value of your home isn’t fixed—and also because different states have different regulations—which means they can increase down the road. “Depending on where you live, there may be events that can trigger a reassessment of your property and a more significant increase to your annual tax bill,” says Lexi Newman, a realtor in Los Angeles. “These items vary, so your best bet is to contact your local assessor’s office to find out specifics.” The good news is that in some states, such as California, regulations keep property taxes fairly stable.

But for first-time homeowners, understanding what moves the needle can be a little confusing. Below you’ll find six factors that might make your property taxes go up.

1. Moving to a New Area
“Rates vary by city, county, and state,” Lexi explains. “In Los Angeles, we use 1.25 percent as a baseline, although this rate actually varies depending on where you live in the county. In order to calculate what your property tax will be each year, you would multiply your property tax rate by the assessed value of your home.” So if you move to a home of comparable value in a new neighborhood or new state, the taxes will likely differ. And multiple municipalities can even impose taxes on the same property: You might pick up an additional property tax if you move downtown from a place outside the city limits. Moving can also result in a lower tax bill, of course. A local realtor can help you understand the rates and municipalities involved in a new neighborhood.

2. Adding onto Your Home
Home-improvement projects big and small can trigger reassessments to your property’s value, Lexi points out. In fact they’re one of the most common causes of a higher property tax bill. If a home-improvement project adds square footage to your home, that will almost certainly boost your home’s assessed value, which is a good thing for your home as an investment. But it also means you can expect a bigger tax bill when your home is reassessed. (Homes are reassessed every few years depending on where you live.)

3. Other Home-Improvement Projects
It’s not just expansions, either. “Anytime you modernize existing space or change its physical configuration and use, that square footage can also be reassessed,” Lexi says. “Anything from installing a pool to adding a shower to a half-bathroom to regrading your yard for improved drainage can trigger a bump in your taxes.” As a general rule of thumb, any project that adds value to your home will (you guessed it) also increase your tax bill. So do your research before you renovate to make sure you’re adding enough value to your home to offset the tax increases—you want the investment to be worthwhile!

While it’s difficult to determine exactly how much your property taxes may increase, you can use a tool like this Cost vs. Value report to see how much different home-remodeling projects will increase the value of a piece of real estate on average, depending on the state. Combine that with SmartAsset’s property tax calculator and you’ll get a general idea of how much more you can expect to pay in taxes.

4. An Increase in Home Sales Around You
“We find that property tax bills jump higher when there have been a number of sales in the neighborhood,” says Jeff Miller, cofounder of AE Home Group. More sales mean an increase in the assessed value of properties in the area because, well, it’s proof positive that the neighborhood is more desirable—so the properties are too. Ergo, Jeff says, your property tax bill will go up. For the same reason, nearby construction can increase your home’s value too, including the addition of such amenities as parks, golf courses, or lakes, for example.

#propertytax #hometax #mikemartins

-~-~~-~~~-~~-~-
Please watch: “Mike in The Night ! – The Great Reset – #mikeinthenight #talkshow #Thegreatreset”
https://www.youtube.com/watch?v=D3SCIZ0zge4
-~-~~-~~~-~~-~-

Related Articles

Leave a Reply

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker