Ok so the housing market is CRAP right now most everywhere, even in WI where I live. I bought my house for $220k in 2004 and it would sell for less than that now. However on my property taxes, my assessed value is 239,800. Should I say something to the city?
2007-11-06 06:50:36 · 9 answers · asked by Therapist 5 in Business & Finance ➔ Renting & Real Estate
YES!
If you can prove to the city/county/state that your property is worth less, they will change your tax basis to the value you prove. But if you are waiting for them to re-assess your property, don't hold your breath.
2007-11-06 07:01:26 · answer #1 · answered by linkus86 7 · 1⤊ 0⤋
Your taxes are based upon what you purchased the house for. In Florida, where I live, if you would have purchased the house for $125 and you had your Homestead Exemption, (an exemption that only allows your taxes to go up no more than 3% anualy) than you would only be paying based on the millage rate for the part of the county you live in, but still based on the $125k you paid for the home.
Sounds confusing, I know, but it's really not. In short, no your taxes won't go down. Unless, like in Florida, your governer is issuing a property tax reform that will bring property taxes down.
Good Luck
Good Luck
2007-11-06 07:03:39 · answer #2 · answered by juniorsweapon 2 · 0⤊ 0⤋
Don't bother. Market values and assessed values for tax purposes are not necessarily related. Think about it. If your municipality downgrades the valuation of the entire taxing district according to what you indicate, your taxes will......STAY THE SAME. The municipality will merely increase the mill rate on the assessment so that it can raise the needed revenues.
Your concerns for tax assessment should revolve around whether or not you are SIMILARLY assessed compared to other properties within your taxing district. If they are all overvalued similarly to what yours is overvalued, you will have no leg on which to stand.
2007-11-06 08:27:52 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You can fight it, get an appraisal and take it to the tax collector's office. Argue that the current values are less than the assessments.
They are based on past values (similar sales in the area); mid 2005 was the peak of high sales, with 2006 coming down only slightly compared to 2007.
2007-11-06 07:20:00 · answer #4 · answered by Casie 4 · 0⤊ 0⤋
Your real estate taxes are based on the county's assessment of the value of your home. Unfortunately, your taxes cannot be adjusted until the property in re-assessed for the following year. Some counties assess every year, some every other year. It all depends upon how/when your county assesses and why data they use in their assessment.
2007-11-06 07:17:05 · answer #5 · answered by Steve W 2 · 0⤊ 0⤋
HAHAHA! You think you can get the city to take less money in taxes? Let me know how that works out. If you go there the will probably find a reason to tax you more. There are few things in life we can count on, one is dying, and the other is taxes going UP.
2007-11-06 08:45:54 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
The assessments are usually a few years behind the market. You can certainly request a special assessment though.
2007-11-06 06:57:02 · answer #7 · answered by dcgirl 7 · 0⤊ 0⤋
Has a professional appraiser told you your house is currently worth less than you paid?
Check your county’s property tax assessor’s website for information on how to dispute your tax bill if you want to proceed.
2007-11-06 07:00:42 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Unfortunately they won't. You are set up on a reassessment schedule that your city/county has in their policy. I know it sucks, I am in the same boat!
2007-11-06 06:59:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋