Quote:
Originally Posted by CoachKandSportsguy
Start with a $350,000 house:
Annual assessed increase 7% (ours) without SOH exclusion
Annual assessed increase 3% with SOH exclusion.
$50,000 deduction on assessed value with SOH
1.1% property tax rate (median estimate)
Calculation is (Start Value *1.07^(YearNbr) - StartValue * 1.03^(YearNbr)-exclusion) * propertytaxrate
Savings differential yearly with and without SOH exclusion:
Year Savings
1 $700
2 $873
3 $1,059
4 $1,263
5 $1,487
6 $1,730
7 $1,997
8 $2,288
9 $2,605
10 $2,949
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Yes, there is value in the SOH benefit. That still is not what the OP asked.
Does the table show actual savings with your home or simply calculated from your 7%/3%/10%? My actual values are different (though the averages might work out the same) I only have data going back five years to when my home values began to reflect my purchase of the home (before that the values were calculated against the previous owner).
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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