Market value is not market value until it becomes market value, get it?
The debate about the new property tax rules is more confusing by the day.
At first we were told the buyer of a home would be paying taxes on the market value, which is the amount they pay. Maybe yes and maybe no.
“Market value” to the government is not your market value – what someone pays in a purchase. It represents the average of market prices paid within your assessment zone.
“Market value” on your tax bill has nothing the do with the real market value, according to Treasurer Wes Sheridan. It’s the average price people are paying for similar houses in your area.
You may sell your house for a higher amount. You may sell your home for the same amount or lower. The buyer pays on the “Market value” shown on your last tax bill.
However, each reported sale in the zones can increase the “market value” for all homes in that zone.
Expect to pay higher property taxes.