While the house market is falling?
2007-12-30 13:41:14 · 6 answers · asked by LA LA 6 in Business & Finance ➔ Taxes ➔ United States
The vaule of homes in the city and state has fallen 65%?
How is this possible.
2007-12-30 23:41:23 · update #1
thank the demacrats. They keep raising the taxes. The value of your house is falling due to the recession that is no doubt coming our American econemy is failing. You cna thank Corporate America for sending all of our jobs over to China and leaving America with nothing of value to offer the world for trade and commodity etc... so your taxes are going to increase becuase of the demacrats and the value of your house will continute to fall if we don't start getting jobs back in America and make other countries dependant on a product that we actually produce to get our economy going again.
2007-12-30 15:06:58 · answer #1 · answered by Anonymous · 1⤊ 3⤋
Remember, the city/county appraisal does not necessarily match the fair market value. What your city/county says about the value of your home and what the housing market says about the value of your home are two different things. The market for your house may be decreasing, but according to your city/county your property may have increased. Also, the rate at which you get taxed for your property my have increased. So, there are a couple of ways your taxes can go up while the housing market in your area is decreasing or staying the same.
2007-12-30 13:55:38 · answer #2 · answered by ontopofoldsmokie 6 · 1⤊ 0⤋
Property taxes change for two reasons. 1) The appraised value of the property changes. Remember that re-appraisals are only done periodically so if the value changes between those re-appraisals it is not reflected in the tax. 2) The tax rate changes because the taxing entity (county/state) votes to change it.
It's true that declining property values could cause a rate increase because the government body is more likely to raise taxes to cover any shortfall than it is to reduce spending. Find out who your local officials are who vote on property tax increases and let them know your views.
2007-12-30 15:19:21 · answer #3 · answered by rebajg 2 · 0⤊ 0⤋
Everybody's go up. Even though values are dropping the city or county budget is still going up. That forces rates up to compensate and even though your property value is dropping the tax bill will still increase.
2007-12-30 13:45:43 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The tax multipler may change. Or the county or city budget needs have increased. Talk to someone in your County Treasurer's Office.
2007-12-31 00:40:42 · answer #5 · answered by Gary 5 · 1⤊ 0⤋
Because the Bush administration needs your money to fund their extra curricular acitivities over seas. Wars are not cheap.
2007-12-30 15:47:14 · answer #6 · answered by Anonymous · 1⤊ 2⤋