Property Taxes Actually Going Down!
It rarely happens, but property taxes are actually going down! But not for everyone. If you’ve owned your primary residence since 2020 or earlier, your 2022 property tax bill is likely lower than 2021. Why? Well, in a nutshell, your homestead exemption gave you the 10% cap so instead of your property tax appraisal increasing 40% this year, it was only up 10%. Couple that with state law restricting most taxing entities to a revenue increase of 2.5% or 3.5% each year. To conform to that law, most every entity had to reduce their tax rate because their overall tax base increased so much. The result is a drop in the actual dollar amount of taxes for the vast majority of properties homesteaded no later than 2020. This benefit comes at the expense of residential properties without a homestead exemption and commercial properties because they’re paying much higher tax bills this year.