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By now, you’ve probably received your property tax assessment in the mail. You may have mixed feelings about the large increase we’ve seen in property values lately, so I want to dispel some common misconceptions about property tax assessments.
A lot of people assume any increase in their assessment will equate to the same increase in their property taxes. In other words, if their property’s value goes up by 20% in their assessment, then they’ll see the same 20% jump in their property taxes. That’s not the case, though. How property tax assessments are done is a little more complicated than that.
Assessors also take into…