Lower Property Taxes In Amarillo? They’re Coming!
It wasn't that long ago when anyone that is a homeowner got a fun little letter in the mail.
The letter showed you what your current property value is. Now, I understand it can be exciting when you see the value of your home has gone up.
There was one little issue with that. Along with your property value going up, so did your property taxes.
That definitely rubbed a lot of people the wrong way. The current property tax rate is sitting at 44 cents per $100 of property value. So say your home was valued at $250,000. That meant your property taxes for the year were sitting at a cool $1100.
If you look at it from that standpoint, it's essentially another mortgage payment. So instead of 12 months of payments, you're essentially making 13 monthly payments for your home.
This affected renters as well. Property taxes going up meant landlords needed to cover it, so they passed on those property taxes to the tenants renting the homes.
Well, I have some good news for you. The property tax rate is officially coming down in Amarillo. The city council held a vote and it was unanimous. Property taxes are going from 44 cents to 40 cents per $100 of property value.
So how are they doing this? Well, it's not ALL rainbows and sunshine. They're raising the money to offset the property tax drop by raising the fees on things like water, drainage, and permits.
So in the end, are homeowners REALLY saving money? That's kind of the big question in my mind. We don't know what the increase in other fees will be just yet, so I'll reserve judgment until we get those final numbers.