Are people paying more out of pocket than they were before this passed?
Yes. 34% because it's a 34% increase in the tax rate between 2019 and 2020. But not what it was at the time of reassessment. It is actually 8% lower than that amount. And that's where the law comes into play. I'm sorry mods but to explain I have to go away from Covid.
If the rate had never changed from what it was in 2016 you'd pay
more in taxes between 2017 and 2020 just because the home value was higher. That is not permitted. You can't reassess
and charge the same rate.
If you had a house assessed at $75,000 in 2015 in the USD your tax would have been $846.75 (the rate was 4.516)
If that house was reassessed at $100,000 in 2016 with the same percentage rate your tax would have been $1129.00
Under the reassessment rules, that $100,000 was instead taxed at 3.15% or $788.75 for the last 3 years resulting in a deficit to Metro over 2015 of $58/year. In 2020 it rises to a tax rate of 4.2277 (3.15 + 34%) and your new tax is $1056.93
Tax rate never changes: 1129 x 4 = $4516
Tax rate is lowered then increased: ($788.75 x 3) + 1056.93 = $3423.18 You paid 25%
less under this method and it increases the tax rate over the 4 years. During 2017 - 2019, Metro was operating with $788.75 instead of the same home's $846.75. That is what created the deficit, but it's written into the law that that's how it must be done.
So now we have to pay the piper. And to do this they raise it 34% above the last 3 years' rate. That gets the deficit back in the coffers, saves you a little cash over time and your house is worth 25% more. No one likes taxes, but this is the system in place.