We are coming up with what a typical buyer would pay for that house not necessarily the exact price paid . Every property is valued based on what the sales show the typical buyer would pay for that property. Additional taxes are voted on by the general public, such as bond issues. Changes in the budgets of the taxing district. Changes in the statutes or laws.
Property values rise or fall.
One example would be Uintah County, whose tax base is dominated by centrally assessed oil and gas properties. When oil prices declined several years ago, the assessed value of those properties declined as well. Tax-shifting is most noticeable when one large taxpayer, such as the Intermountain Power Project, has a change in value. When the IPP was built, the burden of financing local governments was largely shifted from local homeowners and businesses to the immense power plant. However, those residential properties still will see a tax increase.