Amount REtaxes can go up

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Amount REtaxes can go up

Taxes on home were 9,000. Two years later they raised them to 15,000. Is this
legal?

Asked on December 14, 2016 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There is no law limiting how much taxes can rise, and they can jump heavily if one or both of the following happen:
1) There was no re-evaluation for many years, and when one is done, it is found that that the home was substantially undervalued as compared to other propertiers.
2) The tax rate is significantly increased, such as due to a budgetory or fiscal crises in the community or loss of state aid (which had previously offset property taxes by supporting the municipality or district).
If you feel the current taxes you are paying are too high for the value of your home--e.g. it was appraised or evaluated improperly--you can file a tax appeal; contact your municipality's tax assessor for instructions. But if the valuation is correct--it is supported by and line with, for example, other home valuations--and the tax rate is correctly mathematically applied to the value, then the tax is valid, even if it represents a significant jump. In my area (northern NJ), communities that did not do re-evaluations for many years in some cases experienced shocking changes in taxes when a re-evaluation was finally done, since some homes were significantly over- or under-valued compared to their neighbors, which inequities were corrected by the new valuations.


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