As March rolls around, homeowners can expect to receive their property tax assessments in the mail soon. Unfortunately, what they’re about to see may come as a shock.
According to the Polk County assessor, property values are expected to increase by an average of 22% from the previous year. This increase will inevitably impact the amount homeowners pay in property taxes. However, there is a cap on the amount by which taxes can increase: roughly 3%.
By law, assessors are required to evaluate each property’s value based on current market conditions. This evaluation occurs during odd-numbered years, such as 2023. Assessors use an algorithm to calculate the property’s value based on sales in the surrounding area.
“Homeowners can expect an increase in their property taxes.”
After the assessment, a rollback provision comes into play. This provision ensures that the taxable value of the property only increases by roughly 3% from the rollback number. Taxing authorities, such as school districts, counties, and cities, use the rollback number to determine their budgetary needs for the year. This process dictates how much homeowners need to pay in property taxes to fund the services provided by these authorities.
While the assessed value of the property may come as a shock to homeowners, it is important to note that this increase does not necessarily equate to a 22% increase in property taxes. Each city and authority will approach the budgetary process differently, considering factors such as necessary services and available resources.
Overall, homeowners can expect an increase in their property taxes, as is typical from year to year. However, it is unlikely that homeowners will see a 22% increase in their property taxes. If you have questions about your assessment or want to explore methods to protect your tax assessment, reach out to your local tax authorities or a tax professional for assistance. If you have any other questions, feel free to contact us by phone or email. We look forward to hearing from you.