Property taxes in most states go up based on market value of the home. If one year the market value of a home is $450k and the next year it’s appraised at $475k the taxes will reflect that new amount. Property tax is based on a percentage of home value, so if I home doubles in price that taxable amount is also doubles.
Property taxes in most states go up based on market value of the home. If one year the market value of a home is $450k and the next year it’s appraised at $475k the taxes will reflect that new amount. Property tax is based on a percentage of home value, so if I home doubles in price that taxable amount is also doubles.