Determine Tax Value
While you can continue to compare assessed values with other similar properties in your neighborhood, you cannot compare taxable values or taxes. You cannot determine if your taxes are "fair" by comparing them with the taxes of other homes. Property taxes are based, in part, on a property’s taxable value. Your neighbor’s taxable value and taxes may be lower than yours if you recently bought your home and your neighbor has owned his/her home for a number of years.