One of the down sides of an improving real estate market is the increasing property taxes that go along with it. Because the property taxes we pay are based on the value of our property, an increase in your home’s value often means an increase in the costs you pay to keep that home. That increase can be even more substantial if there was a recent increase in your county’s mill levy. In a nut shell, the mill levy is the rate at which you are taxed. The upcoming Summit County property tax assessment should increase homeowners’ tax bills. But, on the bright side, not as much as markets like the Denver metro area will be experiencing.
Based on Past Sales
The tax assessment data is pulled from past sales. The fact that the Summit County market is just recently seeing pricing increase means this assessment should be more reasonable. We may not be so fortunate when the next one comes out in 2017. Once you receive your new assessment, if you don’t agree with the valuation, you can protest it. There is a timeline for that to happen though. You have a 30 day window; May 1 to June 1. Visit the Summit County website for the forms and details you need to make your appeal. If you would like comparable sales to base your appeal on, just email us and we’ll put together the sales from our MLS that took place in your area from July 2012 to June 2014. No longer an 18 month period, the new two year sales period is how the assessor’s office is coming up with their valuation. Sales are also available on the county website.
Seniors and Veterans
If you are a senior or veteran and your Summit County home is your primary residence, you may be eligible for a discount on your property taxes. Go to the Summit County website for more information.