Originally Posted by
budwom
the point I was getting at is the timing issue. You buy a house that was $500k last year but is $600k now, it's appraised as such (often new appraisals just reflect the new sale price) and yet the identical house next door is still appraised at $500k.
Revenue neutral appraisals can be tricky, and there's a horrible one burgeoning in Burlington, VT. Yes, ordinarily if everyone's appraisal goes up 20% in a town-wide appraisal, your taxes should remain about the same. Burlington's mayor announced the city's big new appraisal would be revenue neutral. What he failed to emphasize (and he's going to pay for this) is that appraisers decided that commercial property lost value during the pandemic (lost business, rental income, etc) but residences increased in value...so in general most homeowners are going to see pretty substantial increases in taxes while commercial properties will see a decrease. Revenue neutral, yes, but very controversial (once people realize how it works).