Like many towns, mine does reassessments every few years. They just reassessed the value of my home. I am not sure to be happy or sad that the reassessment increased 3%. To the town, my home increased in value 3% from the last time they did this about 5 years ago. Should I be happy or sad about this? On the one hand, the increased value in my home is good for whenever I want to sell it or if I ever have to get a home equity loan. On the other hand, my taxes will go up 3%. Living in the NY area, my taxes are already high and above the new SALT deduction. The change works out to be a few hundred a month. This is not the end of the world, but neither is it wonderful.
I think the valuation is fair and more or less in line with my research online. Overall, I am content. It would hurt me more now than later. I suspect my home will appreciate in the future, and I am happy not to pay extra in taxes later.
Reminder for Veterans
Most towns and cities in the US give a small to moderate tax benefit on your property taxes if you are a honorably discharged or retired veteran. The town I live in offers a minor one. New York City offers quite a large one.
What Do You Think
Am I wrong to be okay with this? Should I want it to go higher or lower?