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How can the value of property increase when I haven’t made any changes to my property?
Your property’s value is determined by many factors. Your assessment can increase because your neighborhood is improving, the sales prices of homes in your area are increasing, and inflation. The value that the assessor assigns to your property is the amount that the assessor determines your property would sell for in today’s market. Market values vary from one neighborhood to another. Location plays an important role in the determining market value. Location factors like proximity to schools and commercial areas, quality and condition of surrounding properties, and neighborhood amenities affect what a purchaser is willing to pay for a property. Assessors use market data when they determine property values.
Most normal maintenance will not raise the assessment. If your assessment increases because you added an improvement to your property, you can apply for a homestead improvement exemption. This exemption is limited to the fair cash value that was added to the homestead property by any new improvement, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied. Contact your assessor for more information.
See our General Property Tax Information and Resources web page for more information.