Friday, November 11, 2016

Reasons Why Your Property Taxes Keep Rising

Property Tax Reduction Consultants
125 Jericho Turnpike, Suite 500 
Jericho, NY 11753
(516) 484-0654 or (631) 484-0654

As a homeowner you'll have both fixed and variable expenses - fixed meaning they'll stay the same month after month/year after year, and variable meaning they can change. And while you may assume that your larger expenses, such as your mortgage and your taxes, will stay the same throughout your time in your house, your property taxes (unfortunately) are something that can continue to change.


Property Taxes | P.T.R.C. Inc. | Property Tax Reduction Consultants

Now we know what you're thinking - why is it that property taxes can keep rising every year? Truth is, there are a lot of factors that go into determining how much you pay in property taxes, and if those factors change, your property taxes will naturally change too. Let's take a look at some of the most common reasons:
  1. You've made home improvements. Many people complete home improvement projects to increase the value of their home, but this in turn causes property taxes to rise too. That's because making changes will directly effect the outcome of your next property assessment, and property assessments are a part of the property tax equation!
  2. Your government depends on it. Property taxes are a huge source of government funding, so if your county or city finds itself in need, raising your property taxes is often the solution. 
  3. Your schools depend on it. Just like your local government depends on your property taxes, so does your school districts and community colleges. When schools require more funding for their operational needs, it's not uncommon for your property taxes to change.
  4. Property values are rising. If in general, your neighborhood or community is starting to see a rise in property values, it's completely normal for your property taxes to change (though we know you may not always welcome the increase). And what causes property values to rise in neighborhoods and communities? A big factor is if there are neighborhood improvements or new homes being built.
With all that said, the next time you receive a property tax bill and notice that it's higher than the last one, don't be surprised - property taxes can continue to change year after year. But, the good news is that if your property taxes do keep rising, you may be able to do something about it by filing for a tax grievance, and we can help!

To learn more about tax grievances and what the P.T.R.C. Inc. team can do for you, please click here or call (516)/(631) 484-0654. Emails can also be sent to info@ptrc.com.

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