Property Re-evaluation Should Lead to...

Property Re-evaluation Should Lead to Lower Taxes

Posted in the North Kingstown Forum

Ed Ott

Putnam, CT

#1 Feb 17, 2010
I received a letter from the town of NK saying that my property was re-evaluated and the value had dropped by about 20 percent.

It seems like my property taxes should now drop by about 20 percent.

Does anyone know what the situation will be regarding these re-evaluations and their effect on property taxes?

Since: Mar 10

Fargo, North Dakota

#2 Mar 18, 2010
When property values go down, the rate you pay per thousand goes up. The reverse is true when property values go up. When values change, you generally pay the same amount to the town plus any additional revenue the town needs at the beginning of the new year.
Ed Ott

Putnam, CT

#3 Mar 19, 2010
factorz wrote:
When property values go down, the rate you pay per thousand goes up. The reverse is true when property values go up. When values change, you generally pay the same amount to the town plus any additional revenue the town needs at the beginning of the new year.
Thanks, I didn't really think I was going to get a tax break!

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