The increase in your assessment from the old market value to the new market value is equally divided over three years. The phase-in is designed to spread your property value increase over the next three years so that the full increase will not be subject to taxes in one year. This is not a projection of the market value of the property at a future date. Property is reassessed every 3 years so each property owner pays their appropriate share of local taxes. Property values rise and fall over time.
Reassessment is necessary to reflect the current market value of property.
This program provides property tax credits for homeowners of all ages depending on their incomes. In addition to the State's program, local governments can now supplement the amount subsidized by the State. The Homestead Property Tax Credit, commonly referred to as the Assessment Cap, is a program for homeowners who qualify that limits the taxation of large annual assessment increases on a property owner's principal residence. The lower the percentage set by a local government, the greater the savings to the property owner. If the county uses the Constant Yield Tax Rate, your tax bill will be even less.