A property tax increase greater than 2 ½ percent can result from yearly valuation adjustments, tax rate classification (the establishment of split tax rates between residential and commercial, industrial and personal property) or additions or renovations to a property which increases the market valuation of the property. Furthermore, changes in market value are not always reflected evenly across property classes. It is common that different types of property (single family and multi-family), as well as styles (ranch and colonial), do not appreciate nor depreciate at the same rate.