Owning a home is part of the American dream. It can be a significant highlight in a person’s life and bring great pride to an individual. However, there are parts of being a homeowner that are less exciting than others – including paying property taxes. While nobody really wants to pay these taxes, they offer funding that is vital for libraries, fire departments, schools, police departments, and more.
Despite that, it’s always an excellent idea to understand how property taxes rise. This can give you the ability to budget and anticipate future payments more effectively. We’ll get in-depth on the details below.
Increased Government Budgets
Property tax is a complicated thing to understand, which explains why there are so many property tax services located in DeKalb County. However, many people know that a large part of the funds that help run city and county governments are property taxes. When budgetary needs see an increase or employees are given a raise, it’s possible that your taxes will be increased to make up for the additional requirement.
However, your county cannot choose to raise taxes for no good reason. In most cases, there is a requirement for voters’ approval of these additional taxes. It doesn’t mean that you will never see an increase, but what it does mean is that the increase can only be of a specific value unless a passing vote is taken.
Improvement to Your Home
If you have recently renovated your bathroom or kitchen, this can increase the value of your home. However, it also exhibits one of the most common reasons that your property taxes in DeKalb County rise. Another situation where you might see a reassessment is if you choose to turn your basement or attic into a livable space.
One way to determine whether your renovations are worth it is by doing a few calculations first. Think about how much the work will cost, how much it is going to end up adding to your property value, and whether a higher tax bill is something you can afford. If you feel that you might be cutting it close, you may want to save more money before making alterations.
New Schools in the Neighborhood
Having a new school can be a great benefit for both teachers and their students. It can also be positive for the community as a whole. However, new schools tend to be quite expensive, which is likely to lead to higher property taxes. There are two significant reasons why this occurs. We’ll outline them below.
- Counties and towns often choose to increase the level of taxes to fund additional school projects at a new school.
- With a new school comes new families, which means your neighborhood is more desirable. Having a better market and more competition for homes will lead to higher property values overall.
Home Sales in Your Area
Any company offering property tax services will explain that when your neighbors sell their homes for more than the asking price, it can lead to your property taxes going up. This has nothing to do with you personally, and it isn’t something you can do anything about.
It is a simple fact that when homes sell for more in an area of DeKalb County, it affects what other homes are worth. This is a fantastic situation when you decide to sell your home, but in the meantime, you are on the hook for paying more in property taxes. This is one of the least advantageous sources of higher taxes since there is no immediate benefit to you, only a higher bill to pay each time you get mail from the assessment office.
Property Revaluation
In any county, at certain times the government may choose to reevaluate properties. When this is done, hired officials are tasked with reviewing all of the property in an area to come up with what its current assessed value is. This is something that is done on a regular basis as a way to ensure property taxes are passed out reasonably and in an accurate manner.
When a government worker is doing an evaluation, there are many things that will be considered. This person will look at the size, location, and type of property, as well as any changes that have occurred since the last time it was evaluated. In addition to that, the home valuations and sales in the neighborhood will be reviewed. Any changes in the neighborhood will also be taken into consideration and whether those changes have resulted in reduced or improved home values in DeKalb County.
While the official may not enter your home, they will look at permits to determine whether you have made any improvements to the property. This means if you have expanded the size of your home or did renovations, you can expect your property taxes to go higher. However, this isn’t the case for everyone. If there are more people in your neighborhood as of late, this might mean you will have no increase or even a decrease. There are many different factors that are taken into consideration when a new evaluation is done on the property in your county or neighborhood.
Property Tax Services You Need
If you have further questions about how property taxes increase and whether your assessment is accurate, Fair Assessments LLC is here to offer you assistance. We provide tax appeal services that may result in lowered property taxes for your home. Our services are available to those who own residential or commercial property in DeKalb County and beyond.
Those who would like to contact us can be in touch at any time of day by calling 404-618-0355, by email at info@Fair-Assessments.com, or by reaching out on our website. You can also find many resources related to property tax assessment and appeals to better educate yourself on the process.
