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Neoseo1300 t1_j0gyr9b wrote

Reply to comment by ruthless_apricot in Assessment change notice, 300k increase??? by Pitiful_Toe_6311

My (limited) understanding of US property taxes is that if all houses in Stamford get inflated valuations and the overall budget of the city is not moving much, then the mill rate automatically adjust and your tax liability remains the same. That would be different if 1)the city decides to increase their budget, then asking more from each homeowner, or 2) if your house increased in value more than the rest of your neighborhood / city, then your “share” of the city taxes is higher. Anybody, feel free to correct me if I’m completely wrong!

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Neoseo1300 t1_j0l6jn3 wrote

Actually I just received my assessment change notice and it is as expected. My house was reassessed 20% higher than previous assessment. But the estimated growth of the grand list (I.e all real estate in stamford) is 18%. So assuming no change to the city’a budget. My real increase in taxes is ~2% (the difference above the city average). The new mill rate will be adjusted accordingly in may 2023.

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