2007-09-01 07:29:53 · 8 answers · asked by gayannboxing 2 in Business & Finance ➔ Renting & Real Estate
In California (my state) if the fair market value of your property is less than the current assessed value, that value must be lowered. I got the assessed value on some property I owned lowered once without any problem. Be prepared to document what you feel is the correct value.
2007-09-01 07:48:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes but you have to take care of it and appeal the assessors office. Prop tax is based on a % of the market value. If the market value goes down, don't count on the assessors office just doing it. If the assessors office said your home is worth $200,000 and is assessed at 65% of market value and the Mill rate is 20 1/1000 of a dollar. They would calculate this way $200,000 x 65% = $130,000 then $130,000 x 20 mills =2600000/1000 = $2,600 per year in taxes. If your value droped $20,000
to $180,000 then x 65% = $117,000 then $117,000 x 20 mills =2340000/1000 = $2340 per year in taxes. you would save $260 per year. Mill rates are different in all areas. You would also have to have an appraisal done also to prove your value has gone down.
2007-09-01 08:55:19 · answer #2 · answered by Leo F 4 · 0⤊ 0⤋
The value of property depends on inflation rates, but taxes do not depend on either property value or inflation rates. Low inflation will usually cause an increase in house prices, whereas high inflation rates should usually cause a decrease in house prices. Taxes are decided by the government, and the government doesn't (directly) decide house prices. Government actions, however, can cause a change in house prices in indirect ways.
best answer?
2007-09-01 07:39:07 · answer #3 · answered by chippyminton91 3 · 0⤊ 0⤋
MYOB sweetheart. whether he lived around the corner there is not something you're able to do except or till there's a rodent undertaking or an easily possibility or maybe then it may take months or years for the interior reach government to truthfully act to make him and his mess flow away. Your theory of what's community satisfaction and his are very diverse yet not incompatible. Why not get to nicely known him and comprehend the place he's coming from, then you definately would be much less uncomfortable on the subject of the area which you have not got any administration over besides.
2016-11-13 22:25:55 · answer #4 · answered by dugas 4 · 0⤊ 0⤋
Not likely unless you appeal and have the appraisal lowered.
2007-09-01 07:38:59 · answer #5 · answered by ~ Floridian`` 7 · 0⤊ 0⤋
it depends on house appraisal value
2007-09-01 07:37:24 · answer #6 · answered by Mortgage Pro 2 · 0⤊ 0⤋
Not if a Democrat is around who will try to prevent it.
2007-09-01 07:38:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
NO.
2007-09-01 07:37:46 · answer #8 · answered by freddelorme35 3 · 0⤊ 0⤋