I have recently been shredding a lot of old paperwork, including checks from many years ago. For some reason I kept my property tax check from Nov 1, 1988. I received my property tax bill for this year in the mail on Saturday and did a quick comparison.
My bill in 1988 was $1,730 and for 2011 it is $2,055. So in 23 years, my annual property tax increased by only $320, or 19%. Compounded that works out to an average annual increase of .64% or $12 a year.
While I understand that this means that the value of my home has decreased in recent years, if my pattern is at all representative of others I would have to say that my property tax bill is one of the biggest bargains out there, bar none. Count me as someone who will happily pay my property taxes before the November 1st early discount deadline.
I am interested to know whether others have similar or different comparisons over similar time periods; if so please feel free to add a comment to this post.