Property tax increase!

Just got our third quarter estimated tax bill and our went from $3,500 to $5,265.  Ouch!  Nearly an $8,000 a year increase.

How did everyone else do?

The 3rd quarter increase makes up for the shortfall in Q1 and Q2.  Don't multiply by 4.

kramer said:

Just got our third quarter estimated tax bill and our went from $3,500 to $5,265.  Ouch!  Nearly an $8,000 a year increase.

How did everyone else do?

Fingers crossed that yahooyahoo is correct.  If not, then I'm looking at about a 60% increase   

yahoo is correct.

According to the Town Assessor's testimony at Tuesday's TC meeting, the average increase in residential real property value as a result of the reassessment was 25%, somewhat less than originally stated.  He promised that complete data on changes in real property valuation would be presented shortly on the town website.  Email blast should go out once this happens.

Earlier calculations have been available on-line and may still be there.  If you did not file an appeal with/through ASI, the town, or directly with the County and have that appeal granted, those calculations will likely be correct as to the percent change in real property value for tax purposes impacting your individual property. Final numbers on that data base however were based on 2016 budget figures since 2017 budgets were still undetermined.  Therefore, use this figure for your property as a guide rather than an absolute.

Some neighborhoods in town did experience a substantial increase in real property values (including doubling value in very rare cases).  Others increased to a much lesser extent.  The areas in town that had the lowest real property taxes on average seem to have seen the sharpest percentage increase and are likely to see the highest jump in their real property taxes.  However, this is an average an individual property may have been impacted differently.  

Virtually everyone's real property increased in value.  If your increase was above 25%, you can expect to see an increase in the base on which your taxes are determined.  If your increase was below 25%, you may stay about the same or see a decrease in your taxes for 2017 compared with 2016.

As stated above, never multiply your estimated tax bill by 4 to get your total tax liability for that fiscal year. It is called an estimated tax bill for a reason.  You have (or should have) already paid your real property taxes for the first two quarters of 2017.  Changes in real property value for tax purposes and budgetary changes once 2017 budgets are adopted for school district, municipality, and county may have resulted in a change in your total liability (up or down) for FY 2017.  This tax bill and the 4th quarter tax bill will each be adjusted to reflect what you still owe as your annual obligation.  

Please call the tax assessor's office if you have any further questions.

joan_crystal said:


Virtually everyone's real property increased in value.  If your increase was above 25%, you can expect to see an increase in the base on which your taxes are determined.  If your increase was below 25%, you may stay about the same or see a decrease in your taxes for 2017 compared with 2016.

My property value increased by about 60%.  Though it is better than the 90% they originally tried to increase it by. THAT would have hurt.

kramer said:

Just got our third quarter estimated tax bill and our went from $3,500 to $5,265.  Ouch!  Nearly an $8,000 a year increase.

How did everyone else do?

The increase on the Third Quarter bill is ALWAYS a lot more (more than the actual annual increase) because it not only includes the increase for the third quarter, it also includes an adjustment to make up for the fact that the increase wasn't included in the first and second quarters.  So do not multiply this one by four to get your annual tax ... it isn't that bad (although it definitely always goes up.)

Unclear as to what we should do to calculate our new taxes?

What needs to be done is we band together and hire the right lawyers and take ASI and the town to court.

Why, I''ll tell you why.  ASI is very difficult to deal with and they outright lie.  The town TC and the Maplewood tax assessor should be making sure the assessment performed by ASI are in fact correct but they do not.. Any large drastic property value swings should be investigated by the MW assessor.

The TC supposedly works for us. What a joke on us.  

krugle said:

Unclear as to what we should do to calculate our new taxes?

You'll need to buy some lube before you attempt to calculate the new rate. 

krugle said:

Unclear as to what we should do to calculate our new taxes?

Real property value x tax rate (county + municipality + school district prorated by percent of gross tax rate) = new taxes. 

GentlemanJim said:

What needs to be done is we band together and hire the right lawyers and take ASI and the town to court.

Why, I''ll tell you why.  ASI is very difficult to deal with and they outright lie.  The town TC and the Maplewood tax assessor should be making sure the assessment performed by ASI are in fact correct but they do not.. Any large drastic property value swings should be investigated by the MW assessor.

The TC supposedly works for us. What a joke on us.  

     

ASI was difficult to deal with and did make mistakes.  The town's tax assessor was extremely helpful in sitting down with those who asked for explanations/review.  The town even went so far as to file appeals with county on behalf of the tax payer when the town tax assessor found significant errors.  That said, properties in some parts of town, especially those which previously had relatively low real property tax, appreciated greatly in value due to increased demand by those looking to buy into town as inexpensively as possible.  This did cause large swings in some parts of town, which supports the legitimacy of doing the revaluation in the first place.

Thanks for the info - I was aware that third quarter is normally higher and adjusted - but when I look online to see all of my neighbors increases - no one comes close to me.  Most increases are only a few hundred at most.

https://wipp.edmundsassoc.com/...

krugle - We can't calculate our taxes yet. I don't think we have the new tax rate at this time. That is why your most recent bill is estimated.

kramer,  I went up $3,500 and my neighbor went up $4,000

Thanks for the link.  Looks like adjustments made for successful real property tax appeals have not been posted for this quarter.  Still too much missing data to know what each home owner's tax liability will be for 2017.

$3,500 to $5,265 I think this is the calculation to figure out the revised annual tax. May not be exact since the new rates aren't out, but reflects the increase due to the reassessment.

(5,265-3,500)/2 = 882.50 (new quarterly increase) (The additional annual increase is split over the 3rd and 4th quarter)

882.50 + 3500 = 4,382.50 (New Quarterly rate)

4382.50 x 4 = 17,530 (Revised Annual Tax) 3,530 annual increase.  25% increase over last year.

3500 x 4 = 14,000 (Previous Annual Tax)

Thanks for that calculation - hopefully you're right.

note that the budget for 2017 is not passed yet.  so this is just verifying what your 2016 taxes would have been after the reval.  my guess is that none of the potential 2017 increase is built into the revised 3rd qtr estimate.  so the last payment due 11/1/17 will be higher.

oots

That could mean you paid lower than your fair share of taxes than your neighbors before the reval.

kramer said:

Thanks for the info - I was aware that third quarter is normally higher and adjusted - but when I look online to see all of my neighbors increases - no one comes close to me.  Most increases are only a few hundred at most.

https://wipp.edmundsassoc.com/...