Knowledge Focus: Property Tax Increases
Property Tax Increases
A real estate property assessment is the official act of discovering, listing, appraising, and entering a value for property on the assessment rolls for ad valorem tax purposes. Some common reasons property assessments may increase are identified as:
♦ The property values in the area are increasing.
♦ Improvements were made to the property (an addition, remodeling, new swimming pool).
♦ The property was mistakenly under assessed in relation to other properties in the prior years, and this error has been corrected.
♦ The property has had a homestead exemption that has been removed.
