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John | If home values are rapidly heading down, will cities re-assess homes lower to help their fellow citizens? |
NOT!!!!!!!!!!!!!!! |
 |
 
Landlord
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I doubt it, they are having trouble enough paying the teachers, fire department, police,etc, as it is. Lowering their revenue would be disastrousus to the local economies as not only would those people be layed off but we would not longer have adequate police, fire, and other services that the community needs.
What you are talking about would be devastating to the "fellow citizens", not helpful in any way. |
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I Buy And Sell Houses
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Sure, they'll reassess them. They're generally required by statute to do so.
Problem is, that won't necessarily lower taxes. There are two components to what an owner pays in property taxes: The assessment and the tax rate. So many cities will just raise the tax rates.
Example: Let's say the tax rate is $1 per $1,000 of assessed value. That means a home assessed at $500,000 pays $5,000 in property taxes annually.
Now the assessed value drops to $400,000. If the city left the tax rate at $1,000, then the city would only collect $4,000 in property taxes from that owner. So the city adjusts the tax rate. It raises it from $1.00 to $1.25. That brings the total tax owed by the owner back up to $5,000.
So, sure they'll reassess. Legally, in most cases, they have to. But they'll just increase the tax rate to offset the lower assessments. |
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AMPM13
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Not a chance. They are leaning on big brother just like the rest of us cause they too are in debt up to their ears. Cities that are not as debt saddled will be penalized by those who are since the government will have to provide support to those cities first. And the LAST thing federal government wants is real estate prices being marked down since that will increase the risk of default on many mortgages which fuels the fear of the solvency of the banks holding that debt, which is the very reason we are in the financial crisis we are in. The lower we mark home prices down, the more money the federal gov. has to pump into those banks and lending institutions. The bailout plan is an attempt to buy up the riskiest of those mortgages from banks which creates a price floor of sorts and so that banks can go back to lending to each other knowing that the riskiest assets are off their respective balance sheets. |
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butterfly234
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no because so many houses are in foreclosure and they are losing out on that tax revenue, taxes will go higher |
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me
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Doubtful considering cities are losing a lot of revenue as it is during this economy. |
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bcnu
 |
Valuation does not determine taxation. The only way taxes go down is if the spending goes down. |
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Your #1 fan
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They will not raise the assessed value from the previous year or 2. It still is good to ask your neighbors with a similar property what they are paying minus a senior citizen or other exemption. Cities sometimes think they can pull a fast one on you. File an appeal as often as the law will allow you to. |
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glenn
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In Texas each Property tax district is supposed to re assess each year. They do that in the spring of each year, then owners have a few months to challenge the value. In September-once the districts know the certified values of the property within the district- the districts set the tax rates so they can raise the money needed to do whatever they have committed to do. So there will be no re assessment for this year. It will happen next spring as it always does.
Recently in our area there has been a lot of Natural Gas found and the reserves are going to be taxed as a value to the property. |
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bud68
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Reassessing just results in higher tax rates so you end up paying the same. Local governments still have to raise revenue to operate. |
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Alterfemego
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Some may not have a choice. I have already seen adjustments to lower values in the past 2 years. Keep in mind that counties/cities etc. depend on that value to collect tax money to provide services. So in theory when the value goes down, so does the revenues for the counties/cities, thus reduced services. |
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