Your House has a Tax Assessed Value. If you are like many you believe that your tax assessed value is what the home should sell far.
The tax assessed value is an arbitrary value that is given to your home by the tax assessor to allocate your tax share.
If you have a home in a development and your neighbor has the exact same home, and they are on the same size lot, they should both be assessed at the same tax value. Expand this to where they make adjustments for larger or smaller homes, and throughout the town the tax values should be equally apportioned. The tax assessor then adds the entire value of all properties in the town. They then take the budget that they need to operate the town and divide by the total assessed value. That puts a ratio on to each tax dollar. They then take you rtax value you and multiply it times the ratio to come up with everybody’s equal amount of taxes.