[quote=AN]Could it possibly just mean that the majority of home owners bought their house long time ago, so they’ll still be hit w/ the increase, since their appraised value for tax purposes is way under the current value.[/quote]
I think hit is probably small for really long term homeowners versus current assessed values… But I’m wondering what percentage of these folks fall into these categories. I would think someone who was an owner since say 1980’ies wouldn’t have blown it (at least not in big proportions)….maybe I’m wrong
Also,I’m not sure if you folks are aware of this, but there is also a homeowner’s exchange rule for older people that allows them to keep their property tax basis if they exchange a home of equal or less value. So for example, if retired couple X decides to sell their home purchased in say 1980 for say $200k at current market value of say $1million and purchase a new home say at $1million or less, their assessed tax is still what they were previously paying. There are some caveats, one being the two counties of old and new residence must be participating in this exchange scheme.
