Home Assessment Change: Good or Bad News

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?

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5 Comments

    1. I went to my town hall and asked about it. They offered me $100 tax credit a year on my home property tax. In NYC, my father recieved like 5% or 10% off the property tax for the apartment he and stepmom lived in. They also had a benefit on the sale.

      This is common in NY area towns. I know most CT and NJ towns offer the same. I am not sure about the rest of the US.

      Just to put it out there, if you know someone still active duty, they can walk into Yankee Stadium for free. Any open seat, can be used. I did it everytime I came home in season when I was active. Dad would just buy a seat, and I would sit next to him.

      Liked by 1 person

    2. You have to ask around. The VA offers a VA ID for use at companies to get the discount. I have mine, and use it at Home Depot and Lowes all the time. I always ask. Your DD-214 works if you don’t have one. I am 3rd gen US military on both sides, so the family knows a lot of tricks. I was USAF, like pop. Many uncles and grandpa were Army.

      Liked by 1 person

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