Calculating a Property Tax Bill

When Market Values are Reduced

These two tax appeals reduce this home’s market value by 31% over 3 years, but tax rates and exemptions also decreased or increased. Over the 3 years, the tax bill increased 19%. However, if no appeals reduced market values in 2010 and 2011, and the market value remained $140,000, taxes would have been $2,248 and not $1,509 – a 48% increase to be paid in 2012!