Did you know the increase in property value assessments can be a double edged sword? I was sitting on my computer doodling with excel. I started calculating what will happen to my taxes if the Harris county appraisal district increased my home value by 10% each year ( Harris county has a cap of 10% increase per year) continuously for the next 25 years. At the rate of 3% tax (without accounting for exemptions) I would end up paying upwards of 750,000 total in the 25 years to come. I almost fainted looking at this figure.
I think the public and all the real estate professionals should put in a concerted effort to limit this value increase to about 3% maximum.
I find that this increase in taxes because of value has driven many people out of their homes. I feel terribly for them and would love to see a cap of 3% for property value increases in Harris county pretty soon. Any ideas anyone?!