Mine just went up; this is the reason they gave.
The property taxes were based on values derived from sales during the periods one and two years prior. After all, they had to be able to examine the sales, and they can?t count what happened yesterday.
Remember that home prices were at historic highs before they crashed.
It?s likely that at least part of the ?base period? for estimating the value of the home was during that boom time.
It is also possible that, after you buy the house, if you paid less than the assessed value, you can request a reevaluation.
Now, to the renter?Where do you think your landlord gets the money to pay the property taxes?
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