In the Midwest, property taxes are usually only assessed and only spent by local governments: school boards; cities; townships; and counties. The money all stays within the county. Assessed value ofter trails market value by several years. Read your tax assessment or talk to your county assessor to find out why your taxes changes so much.
When state governments make drastic cuts in aid to local governments in an effort to balance or reduce the state budget, local (property) taxes usually go up drastically to make up the difference in revenue.
Many states offer property tax rebates to people on fixed incomes, check with your tax accountant or state tax department. You may need to live in the house all year to qualify for a rebate i.e., if you sell before 1-1-2015 no rebate for 2014.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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