If I get a building permit, will my property assessment increase?
Assessed values are based on the market value of the property. So, if the improvement you make increases the amount of money you would likely be able to sell your property for, the assessed value would increase. Some types of improvements are mainly for maintenance purposes and will likely not result in an increase in the assessed value of your property.
The condition of the property on such date is the foundation for the next year’s tax. The home and land become qualified for a mortgage loan rather than a personal loan, which is a lot easier to qualify for at better terms, like a reduce rate of interest. Lots of people believe the Property Appraiser determines the total amount of taxes a property owner will pay but this isn’t the situation.