Why oh why are my property taxes going up but my taxable value is decreasing?

Question

Why oh why are my property taxes going up but my taxable value is decreasing?

Answer 1

Depends on where you are...  If it is actually your taxable value that went down, then your millage went up, or you have a special assessment.

In Michigan, we have an annual increase limit - your equalized value (SEV) goes up or down based on the market, but the taxable value (TV) can only go up by a certain amount.  If your taxable value is less than the equalized value, then the taxable value goes up, even in a down market.  This means your property taxes go up as well.

So in 2007 my SEV may be $100,000, my TV may be $50,000 and my taxes are $2,500.

Then in 2008, my SEV is down to $80,000, but my TV can go up to $60,000 and so my taxes are $3,000.

Answer 2

Probably because new taxes or higher rates apply.