And the curves cross here

Last year, about this time:

Because of the cap rule, during periods when valuation increases, taxable market value lags assessed market value by several percentage points; but there’s no mechanism to push taxable value back down again unless the assessed value drops low enough to take up all that slack.

The County Assessor has now sent out the Notice of Change in Assessed Value, and it appears that all the slack has now been taken up, at least on the palatial estate at Surlywood, the taxable value of which has been deemed to have increased by a mere $834. At the current tax rate, this will cost me an additional eight bucks or so in property tax when the bill comes out this fall.

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