Quote:
Originally Posted by Water Camper
... How can this happen without a reassessment ? ...
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The reassessment process looks at each house to determine that it is correctly described as relates to taxable items such as square footage, heated spaces, number of bedrooms, types of finish, etc. . This is an expensive process and is usually not done every year.
But every year there is an examination of the real estate that is sold and an estimation of any increase or decrease of value in each community and according to the types of property. This can be used to estimate changes across all properties to maintain equity in appraisals across the state. This is used to calculate the equalization ratios for the community which I believe is set by the state. That is what adjusts the appraised value (which might have been calculated a couple years ago) to the current taxable value which could have increased even though no reappraisal was done.
I'm not sure I have all the nuances right but that's the general process.
Of course, your taxes only go up if YOUR property increases COMPARED to others or because the budget goes up. If everyone's land value increased 35% and building value by 15% and the budget remained the same, your taxes wouldn't change even though your property is more valuable. Everyone's property could have gone up the same amount but the Laconia/County/State budget could have increased by 6% and the tax increase would be due to that alone. Or, it could be a little of both, comparative value increase AND budget increase.