An increase in your assessment does not necessarily mean an increase in your property taxes. Your property tax rate will not be last year’s property tax rate multiplied by this year’s assessed value.
Assessments do not determine how much is going to be taxed; budgets determine that. Assessments only affect how the tax bill is divided among property owners once the tax levy is set. To determine the possible effect on your taxes, compare your change in assessment to the average increase. If the increase in your property’s assessed value is greater than the average, a tax increase is possible; your property represents a larger share of the valuation. If change in your property’s assessment is equal to or less than the average, a tax increase is possible if the total tax levy is increased.
