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kcstemmlerjones
Move or remodel
   
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susanarmenta
When deciding to stay or move, also consider the property tax ramifications. If you bought your home twenty years ago, you pay tax based on what you paid for it then. If you buy a new home, your taxes will be based on current market price. This is true for California; not sure about other states!
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Julie Poteat

Real estate taxes in Virginia are based on county/city estimates for the current value of the home. Re-assessments of real estate occur often, reflecting what taxes are needed to support community needs, such as schools, roads, bridges, law enforcement, etc. I can usually expect re-assessment every few years. They have never gone down, not surprisingly. Many factors influence the value of a home. The largest is Location, Location, Location. In the urban sprawl, many very fine homes in once affluent neighborhoods were abandoned due to cost of upkeep and over-bearing taxation. Happy to get rid of aging homes, these were bought up and sub-divided into multi-family homes, their once magnificent and even opulent craftsmanship lost. With few exceptions, their value continues to decline, as do services by local governments when their tax revenue declines.

   
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