Does that mean I’ll pay more property taxes instead of less?

In the previous scenario, yes you would. The Taxable Value will rise by the inflationary increase. This adjusted Taxable Value figure multiplied by the local unit’s millage rate will determine your new property tax liability.  The inflationary index for the past three years is as follows:

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
3.2% 1.5% 2.3% 2.3% 3.3% 3.7% 2.3% 4.4% -0.3% 1.7%

 

Posted in: Assessing, Taxes