No. Proposition 2 1/2 sets a limit on the entire tax levy for a jurisdiction. While there is a limit to the overall increase in property taxes, the revaluation program may result in increases or decreases in property taxes. Proposition 2 1/2 does not limit the amount by which an individual tax bill may change from year to year.
Read MoreProperties are appraised based on what comparable properties are selling for in the community.
Read MoreThe actual tax bill mailed to you at the end of December reflects the assessed value, current tax rate and annual taxes. The assessment of your house can change annually due to inflation and other normal factors that impact the real estate market. The assessed value reflects the changes in the real estate market from the time it was last valued.
Read MoreThe objective of an annual revaluation program is to ensure that everyone's assessment is fair and accurate. If all property is assessed at its market value individual taxpayers will be assured that they pay only their fair share of the tax burden.
Read MoreHigher property assessments do not cause higher taxes. The total municipal budget which is voted by town meeting is what determines the money to be raised from property taxes. The tax rate may stay the same or even decrease because of the overall increase in the total value of the community. Your tax bill is based on the spending of the Town. An increase in the assessed value does not necessarily cause an increase in taxes. Your tax bill is a direct result of the Town's budget.
Read MoreThe levy is limited as follows: Limit 1 - Levy Ceiling The property tax levy cannot exceed 2 1/2% of the total assessed value of the municipality. For example, if a municipality is valued at $100 million, it could only raise $2.5 million from property taxes. Limit 2 - Levy Increase Limit If the actual levy is less than the levy limit, the levy may only increase by 2 1/2% above the prior year's levy after making an adjustment for new growth. Click here for more information on Proposition 2 1/2 You can also visit the Division of Local Services website at http://www.dls.stat...
Read MoreState law requires all municipalities to assess all property uniformly at fair market value. Implementing an annual revaluation program will ensure that all taxpayers are treated fairly.
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