If property values dropped,so shouldnt the taxes also...

[DevilDawg3097]

Now nationally home values have dropped dramatically, now shouldnt our property taxes be re-assed to reflect the current value, but instead property taxes are going up ridiculously. Can someone explain. And no BS about the economy time for fat cats to get cutoff from spending.

 

[TNVIPER]

Depends on the state....in TN only 2 things will change the amount of tax paid on a property....change in rate and/or change in value.

Value does not change until a county wide appraisal is done. This is only done every so many years (forgot #) so the tax will not change until the appraisal is completed. That is probably your problem...

..BTW..house values have actually increased over the last year around here. We usually do not see the recession as bad as the rest of the country....even holiday sales were up considerably from last year..

 

[Ram From Hell]

That is a reasonable argument.

My suggestion would be to simply call your county auditor's office, and ask if they are modifying (or have it in process) the area's valuations.

We have already received notice that our assessed valuation is lower for the 2009 tax year. Although, I don't think it is in line with what it is actually worth, given that they assessed it initially at almost its full appraised value (which banks typically inflate a tad for various reasons). Still, if I recall, it amounted to an 8% reduction. Not great, but it helps.

I could individually petition for a hearing if I were so inclined, and see if I could get a further reduction based on other comparable home sales figures.

Our county in particular has laid off an inordinate number of employees in anticipation of the reduction in tax revenue for 2009. They're probably going to have to RIF again before we hit bottom.

 

[seth]

Ok, so know you are in area that I know something about.

Valuations and the time frame for what they cover are different not just in every state, but in every county. What affects your property taxes mostly is the mill rate (rate per 100 or 1000 assessed). In the current housing downturn, housing values trail in your tax assessments by at least a year.

The problem is that counties need money to operate, so what you will commonly see is a reduction in the assessment but an increase in the millrate (expect taxes to grow at 2.5% annually).

If you disagree with the assessment on your house, you can appeal to your local tax board (or whatever it is called in your county). They can reset (generally both higher or lower) the assessed value of your home.

You absolutely will not see a big reduction in property taxes just because your house value plummeted. If counties did that services would come to a screaching halt. You can complain about taxes all day long, but it is the responsibility of ever member of a democracy to support it. Paying taxes is the fee for a properly operating government.

 

[THEWELSHM]

Ok, so know you are in area that I know something about.

Valuations and the time frame for what they cover are different not just in every state, but in every county. What affects your property taxes mostly is the mill rate (rate per 100 or 1000 assessed). In the current housing downturn, housing values trail in your tax assessments by at least a year.

The problem is that counties need money to operate, so what you will commonly see is a reduction in the assessment but an increase in the millrate (expect taxes to grow at 2.5% annually).

If you disagree with the assessment on your house, you can appeal to your local tax board (or whatever it is called in your county). They can reset (generally both higher or lower) the assessed value of your home.

You absolutely will not see a big reduction in property taxes just because your house value plummeted. If counties did that services would come to a screaching halt. You can complain about taxes all day long, but it is the responsibility of ever member of a democracy to support it. Paying taxes is the fee for a properly operating government.

Isn't it also assessed on what price was paid for the property at closing then the subsequent adjustment ( increase) made later?:dontknow:

thewelshm

 

[Venom Power]

The economy being down is total BS... I was out with a couple members last night and couldn't help but to notice how packed the restaurant was.. Not to mention how packed all the local shopping malls around town were last week.. And while we're at it, talking about the lack of re-acessing property values, how about them insurance companies huh? Continuously raking in (y)our funds for free and not giving back. What's up with that anyway?

 

[BigRed460]

How about not letting home be reappraised after it's hit by a HURRICANE!!! Our government at it best...


http://galvestondailynews.com/story.lasso?ewcd=0e0444dd72499070

 

[bigike]

I'm done a few thousand per year or a few hundred....... its a lot either way.

 

[Fahrenheit]

We are doing good around the gulf coast mainly due to Hurricane Ike, lots of rebuilding and fed money repairing the damage. When I woked at Lowes we doubled our daily income, the upper management was set to get a full bonus 3 months away from the fiscal year.

 

[Speed Racer]

property values

Mine has continued to go up going from 118,000 in 2004 to 160,000 assessed last month. Dunno what the heck is going on wih yours but request an assessment and refinance. Save yourself some big bucks. I dropped from 5.75 to 5.0 in interest.

Perry

 

[Muzzy]

You can complain about taxes all day long, but it is the responsibility of ever member of a democracy to support it. Paying taxes is the fee for a properly operating government.

"properly operating government"...:rofl: I would like to see an example of that. Weather man is the second best job to a government worker. You can be wrong 90% of the time with the weather and not get fired, but you can be worthless all the time and still have job with the government. Next time you are standing in line for two hours waiting to renew your driver license, think about the "properly operating government".

-Muzzy

 

[Django]

Yes, it should be reassessed....

D

 

[Prof]

Matt, I got a letter from the tax assessor.

She said that evaluations are based on the past three year averages...and that is how she justified the increase in my property values...

Pissed me off!

In the Keys, I pay more in taxes than I paid in mortgage payments prior to paying the property off.

 

[includemeout]

"properly operating government"...:rofl: I would like to see an example of that. Weather man is the second best job to a government worker. You can be wrong 90% of the time with the weather and not get fired, but you can be worthless all the time and still have job with the government. Next time you are standing in line for two hours waiting to renew your driver license, think about the "properly operating government".

-Muzzy

" You don't need a weatherman to know which way the wind blows"
Bob Dylan

 

[seth]

"properly operating government"...:rofl: I would like to see an example of that. Weather man is the second best job to a government worker. You can be wrong 90% of the time with the weather and not get fired, but you can be worthless all the time and still have job with the government. Next time you are standing in line for two hours waiting to renew your driver license, think about the "properly operating government".

-Muzzy

Not going to get into this argument

 

[seth]

Isn't it also assessed on what price was paid for the property at closing then the subsequent adjustment ( increase) made later?:dontknow:

thewelshm

Assessment is done very differently, people take running averages, look at resale, look at cost per build per sq ft, etc. It is not even a good art or science.

Comparitive sales is the best argument to make when asking for a lower assessment. Alternatively if you have refinanced and have the independent appraisal then you can use that as well and it would have to be taken as evidence of market value.

 

[ZCx]

"Properly Operating Government"
that caught my eye/stuck in my craw also.

don't homesteadin a house help???? & is homesteadin just a Texas thing????

 

[Muzzy]

Two years ago the assessment on my property jumped $11K in one year! I contacted our county assessor and they stated I could file an objection to their assessment, but it would likely get denied since they will only review cases where the assessment goes over $20K in a year. They also stated my assessment was in line with the other "like homes" in my area. The appraisal I had the bank do came back $1K more than my assessed value. I think that was just a gimme from the bank. I do no see other like home selling for the assessed value. Right now I estimate I am over assessed by about $20K (based on the traditional appraised value being 10-15% over assessed value).

Once they (our government) gets a hold of your money (remember the government is funded by us and works for us) it as been allocated to be spent in their budgets. When have you ever seen spending cut when tax revenue is reduced? I have to live within my means, but they will raise your taxes to maintain their tax revenue level. I see it here on the local level, but my roads aren't getting any better and it isn't because I don't pay enough taxes.

Good luck trying to get their assessment reduced. The only time I have seen that happen is in areas where neighborhoods fall depressed.

-Muzzy

 

[seth]

Two years ago the assessment on my property jumped $11K in one year! I contacted our county assessor and they stated I could file an objection to their assessment, but it would likely get denied since they will only review cases where the assessment goes over $20K in a year. They also stated my assessment was in line with the other "like homes" in my area. The appraisal I had the bank do came back $1K more than my assessed value. I think that was just a gimme from the bank. I do no see other like home selling for the assessed value. Right now I estimate I am over assessed by about $20K (based on the traditional appraised value being 10-15% over assessed value).

Once they (our government) gets a hold of your money (remember the government is funded by us and works for us) it as been allocated to be spent in their budgets. When have you ever seen spending cut when tax revenue is reduced? I have to live within my means, but they will raise your taxes to maintain their tax revenue level. I see it here on the local level, but my roads aren't getting any better and it isn't because I don't pay enough taxes.

Good luck trying to get their assessment reduced. The only time I have seen that happen is in areas where neighborhoods fall depressed.

-Muzzy

How much did your taxes go up? Don't confuse assessment with taxes, two different things.

 

[Muzzy]

Taxes went up additional $400 year. I am paying $2200 a year for 1/3 acre of land in a rural town. Home prices in the area are between $150-200K. This is Iowa, not Chicago. I also get a discount for being a veteran.

-Muzzy