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Property Tax Revenue Growth

June 24, 2016

 

According to the National Association of Homebuilders, the Census Bureau’s quarterly tax data indicates that the amount of taxes paid by property owners increased dramatically in fourth quarter 2014 through third quarter 2015. Property taxes accounted for $527,157,000,000-  a $37 billion or 7.5% increase over the four previous quarters. The property tax increase itself can be explained by a number of issues:

  • Property value increases mean assessed values have gone up in many areas, leading to an increase in tax paid.

  • With the economy improving, some people who may have not been able to pay their property taxes before may be better-able to do so.

  • Raw land that gets subdivided or developed increases in value and thus is taxed at a higher rate in many areas. Land that has a home added it taxed at a higher rate.

  • As the population continues to increase and we build additional housing to accommodate those people, this will also lead to more taxes collected.

Residents often mistake the tax assessment document that is mailed as the current market value of their home. Not so. The assessment valuation process is much different than a comparative market analysis which is a measurement of what you could list your home at if it were to go on the market today.
 

Would you like to learn more about your assessment, where your property tax monies are going, and how your home is valued in today’s market? Give me a call or text: 206.730.0962 or email nina.bjornstal@sothebysrealty.com.
 

Sources:
http://eyeonhousing.org/2016/01/grouth-for-property-tax-revenues/
http://www.census.gov/govs/qtax/

 

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