Our state implemented a 1.1% cap on property taxes about 3 years ago. The 1.1% is of appraised value. (You have to watch what the governments appraised value is. The last time they appraised my property at 2 times the market value. I had to pay for a private appraisal, and file for a hearing to get the proper appraised value).
Anyhow, the people were happy with the cap. After all the government had previously did away with business inventory tax, not to mention the tax abatement that big business received. Finally, We The People, were receiving some relief from the higher taxes we were paying to offset the breaks business was getting.
WRONG!! it was just announced in our local paper the County Government has decided, (now get this). Due to the many foreclosed homes, and the decreased value of property, it is deemed necessary to raise the tax rate. That means the assessed value tax stays at 1.1% we just pay a higher rate on that 1.1%. We were paying “$ X” per $1000,oo appraised value. Now we will pay #$ 2X” per $1000.oo appraised value.
“Gotcha again” says the Government.
That Is How I See It.