So, with housing prices dropping so much, that means property taxes will drop as well.

[raccoon]

Which is good if you're a property owner.

OTOH, it means less tax revenues for local government, which means cutbacks.

[muntrv]

1. Depending on where you live, property taxes don't drop as significantly

as the home values. Thats' the case where I live.

[tabatha]

2. Not.

Mine went up.

[Crazy Dave]

9. Same here

But the good news is I've reached the cap and they won't go up anymore. Currently my property tax assessment is about $47k more than what I could sell my house for. That is if I were even able to sell it.

[Warpy]

3. They're going to drag their feet changing assessments

which are usually less than market value, anyway.

My advice to anyone living in an area with rapidly declining prices is to contact the county assessor and challenge the assessed value of the house.

It can help, but the schools will suffer.

[lib2DaBone]

27. You can challenge the assessed value.. but they make it as hard as possible..

The entire burden of proof is on the homeowner. (at lease here in my County) You have to get official transcripts and official appraisals, recent solds and recent values by reconstruction. (Very expensive.. appraisals start at $500)

You must still pay your assessed property taxes up front. Then you submit 3 copies to the appraiser and wait for a court date.

When they are good and ready, you have to go before a hearing board which is set up just like a court room. If you are not an attorney and are not familiar with the rules of courtroom procedure.. it is very intimidating and you will probably lose. (thereby loosing 3 months of hard work and all your expenses).

What's the old saying.. "Only a fool tries to represent himself in court)".. seems to apply.

The county politicians know what they are dong.. they want to make it as hard as possible for the homeowner to get a fair deal.

[Taverner]

4. Our state and county is re-adjusting

But I think it goes on a state by state basis

[Mari333]

5. where I live they dropped to half

which means my house equity is half of what it was. I will just sit here and probably be grateful I have a house and not assume I will ever get back what I paid for it, just be glad I have a roof over my head. :)

[Crazy Dave]

11. And pray for no hardships where you would have to borrow off the equity

:hi:

[Mari333]

15. yep. n/t

[ProdigalJunkMail]

6. good luck on that thought...

assessments almost NEVER drop with property values...some of the local county assessment boards here are getting swamped with challenges to assessments...

sP

[jakefrep]

7. Mine just went down $50/half year

nt

[flvegan]

8. They can always adjust the millage to compensate.

Don't anyone think Joe and Jill (or Joe and Joe, or Jill and Jill) Average are getting any breaks any time soon.

[Crazy Dave]

17. Being a fellow Floridian

If and when they lower the taxes or the assessment, then you get fees instead. Instead of calling them taxes they call them fess and it's a good thing to campaign on for re-election. "So and so lowered your taxes"

[SoCalDem]

10. Um...not necessarily..

Taxes will probably go UP... why?

Communities must have X dollars to operate, and they adjust the tax-due, based on what they have to work with.. fewer "home-owners"...more PER homeowner..

We had a quirky issue with water a few years back.. the drought warnings came with the bill.. CUT YOUR USAGE IMMEDIATELY, OR YOUR RATES WILL BE INCREASED..

Of course everyone cut back..big time..

Fast forward a few months..

a new notice arrived..

DUE TO THE DECREASED USAGE OF WATER, THE SHORTAGE OF FUNDS HAS NECESSITATED A RATE INCREASE..

[davsand]

12. You may have to wait a while to see value reductions reflected in your tax bill.

In the state of Illinois there are a lot of forumlas that are used that rely on three year's worth of sales data. If your area has not seen any market decline until recently (the last year or so) you may have to wait a couple years to see any reduction in your values as calculated by the assessor.

My advice is that if you have proof YOUR house is worth less you need to apeal that value as soon as you can. "Proof" is not some article from the Chicago Trib or the Wall Street Journal. "Proof" is a recent appraisal or legitimate sales of similar properties in your local area.

This is the same advice I offer taxpayers that contact me in my day job, btw.



Laura

[AngryAmish]

13. hahahaha

right

[spanone]

14. do. not. count. on. it.

they don't give back nearly as quickly as they take away.

[hobbit709]

16. RIGHT!!!! (Sarcasm)

It always takes the tax assessor at least a year to reflect the change in prices. Our house valuation went up 10% from 2008 even though selling prices are down.

[no_hypocrisy]

18. Sorry, no money in the budget for re-adjustment of property taxes.

Maybe next year . . .

:sarcasm:

[ejpoeta]

19. all they do here is reassess your property for a higher value....

even if you haven't done anything to it. supposedly our property is worth 90k. our 6 acres with our doublwide on it is worth 90k. 6 acres of swampland. and our other lot with 11 acres on it which has no buildings on it or anything has increased in value also. according to the tax assessor. see. they don't raise our taxes... just our assessment and then we pay higher taxes without raising taxes. neat, huh!!

[RB TexLa]

20. If you contributed to your local accessor's campaign fund, it should be no problem to get your

assessment lowered.

[KansDem]

21. Nah...you'll just be required to pay new "fees"

Several years ago, I received a letter from the county about how my wastewater removal will no longer be paid for with county taxes. Instead a "fee" will be assessed based on my water use.

Now, in addition to mortgage, utilities, credit cards, insurance, etc, I now have a wastewater removal "fee" to pay every-other month.

Wastewater removal should be a public service covered by taxes.

No new taxes, but plenty of fees...Republicans hate taxes, but just love "fees"

[Johonny]

22. of course some places have laws to lock your property tax

this was to "save" people from being taxed out of their homes during boom times. But of course is now looking like a terrible idea during the bust times.

[williesgirl]

23. They just raise the rates to offset the loss. No relief for homeowners, no tightening of their belt

[cherokeeprogressive]

24. I think you could say the same thing about nearly all taxes.

Sales tax revenues HAVE to be decreasing, based on what the media said about this last holiday season alone. Gas tax revenues HAVE to be decreasing, due to the drop in demand. Federal income tax revenues HAVE to be decreasing, based on the growing number of unemployed Americans.

I don't think that hurt caused by lack of money flow from citizens to government has even begun to be felt. Tax dollars fund everything we expect our government to do. When the flow stops because American style consumerism is taking a few decades off, things are going to get very interesting.

[soothsayer]

25. taxes go up when assessments go down. counties get addicted to spending. you should see what my

county (arlington virginia) wasted our money on during the housing bubble---impractical crosswalks made of brick (both ugly and slippery) and old fashioned street lamps. I hate our county crooks, all pro-development anti-tree dems.

[PRETZEL]

26. Most property taxes are for local school districts

in PA, the county/local millages are relatively low. It's the school taxes that are by far the biggest load. They are, however, generally based on county assessments. Those don't generally change but there can be slight changes in millage.

BTW, our county is facing a multi-million dollar shortfall. COLA increases have been put off until April and we've been under a hiring freeze since October.

edit for stupid typing