One of the benefits of the rebounding housing industry is the values of homes and businesses also go up.
Each had been depressed because of the Great Recession. But what makes people smile about the recovering equity in their homes, also makes the tax man grin with glee.
Then everyday folks aren’t so happy. The Kansas City Star reports that property owners in Jackson County aren’t pleased with the assessment notices they are getting now. Some show that their five-figure homes have jumped to six figures.
That’s causing people to worry in Kansas City, Lee’s Summit and Grandview as new assessments are done. Toward the end of the year, the tax bill will also come in a lot higher.
That will make school districts, local governments and other taxing authorities very happy. Property owners? Not so much.