Property taxes are determined primarily by three things: The taxable value of your property; the amount of millage levied by the various local units of government; and whether you have a principal residence exemption (PRE).
The assessor determines the taxable value and issues a notice of assessment change each year typically in January. This notice indicates what the assessment and taxable value will be for the upcoming tax year, whether there was a change of ownership and what the PRE status is. You can appeal your assessment to the March Board of Review.
Often, new property owners do not realize that the property they purchase will uncap and raise the taxable value above what it was. This results in a larger tax bill. Likewise, if the property is undeveloped or a second home, it doesn’t qualify for a PRE and results in higher taxes.