If it is a new house, the previous taxes may have been for only a portion of the house since it was not complete. Buildings are assessed when they are at least fifty percent (50%) complete on January 1 of the tax year and the total value is assessed at that percentage. Since the house is officially 10 percent (100%) complete, the taxes reflect that change. Someone’s appraised value may rise if they added anything new to an existing improvement, if their millage rate went up, or if their land went from agricultural to residential status.
Category: Real Property Questions