Will your property taxes increase for 2024?

Published 8:43 am Friday, June 14, 2024

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To the Editor:

When the Carter County Commission said they would not increase the property tax rate this year there was a sigh of relief. Some may have felt their property tax would not increase but this may not be the case if the property reassessment increases the value of your property. 

For example, if your property value last year was $400,000 then the taxable part is 25% of that or $100,000. At a tax rate of 2.03% your property taxes would be $2,030. But if the reassessment value of your property is $600,000 the taxable part at 25% would be $150,000.  Thus at the same tax rate of 2.03% your actual tax bill will be $3,045. If your new assessment was only $500,000 then your tax bill would be $2,537.50. So if your reassessed property value exceeds last year’s then your taxes will increase. But if the property tax rate had also been increased we would have had a double whammy. That we do not need.

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Ronald Winter