With existing home values dropping all around the country what is local governments doing as far as the upcoming home accessments. Shouldn't your assessment go down proportionally? What can you do about it?
2007-11-02 17:39:41 · 3 answers · asked by INFOMINDSOLUTIONS 2 in Business & Finance ➔ Renting & Real Estate
When it comes to taxation assessments, drops in property value are fairly irrelevant. As an example, if most properties in your taxing district dropped in value about ten percent, and the taxing district drops everyone's assessment by ten percent, it will simply raise the mill rate charged on the assessments to obtain the needed operating revenue for the taxing district.
Market values are not important in tax assessments. What IS important is that you are assessed on the same percentage basis of value as are other properties in the district.
2007-11-02 21:44:37 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Not all property prices are going down. Not all cities go through the ups and downs. Some just steadily go up, like my city. We can expect 3-4% increase each year on the assessed value.
2007-11-03 00:43:25 · answer #2 · answered by J 2 · 0⤊ 0⤋
If you feel your apprasal is too high, contest it. I just did and got my value lowered almost $10K.
2007-11-03 00:43:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋