Answer:Property assessments are likely to increase which translates into a higher overall valuation for the City. This increase means a lower mil-rate will be needed to collect the amount of revenue needed for City, County, and School budgets. The amount the mil-rate will decrease will not be known until the revaluation and commitment is completed.
In a typical revaluation, about 1/3 of property owners’ taxes increase, about 1/3 remain the same, and about 1/3 decrease. All else being equal, your taxes will only go up if your assessment increases more than the average assessment increase.
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Property assessments are likely to increase which translates into a higher overall valuation for the City. This increase means a lower mil-rate will be needed to collect the amount of revenue needed for City, County, and School budgets. The amount the mil-rate will decrease will not be known until the revaluation and commitment is completed.
In a typical revaluation, about 1/3 of property owners’ taxes increase, about 1/3 remain the same, and about 1/3 decrease. All else being equal, your taxes will only go up if your assessment increases more than the average assessment increase.
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