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Additional Details... |
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Sara | So, why does the county real estate property appraisal continue to go up & the bank appraisal value goes down? |
So the government plans on collecting the same or more tax money? They are not lowering real estate property appraisal values. |
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realtor.sailor
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County assessments are as of a specific date. Usually January 1st of each year. Your January 1, 2008 assessment does not reflect the downturn in the market. Check with you tax assessor's office and discuss your assessment. There should be an adjustment based on the January 1, 2009 market.
realtor.sailor |
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Spanky G
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Well, they might have to, dont you think? It will be very interesting to see how they handle it. Good question. |
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src50
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Assessor's valuations are not the same as market valuations. |
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Mr Placid
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Because the county appraisal office is not in the business of reducing the amount of tax receipts. Nor is it staffed by persons who have the knowledge, or motivation, to do the research necessary to adjust the appraised value.
Every assessment agency has a process to allow a homeowner to appeal the assessed value of the home. Utilize it. Nobody is going to do it for you. |
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acermill
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You do not fully understand the system of property taxation. If the county lowers YOUR real estate valuation, it must, in fairness, lower everyone else's in the county as well, since everyone's value has dropped. When THAT happens, the county will be forced to raise the mill rate levy in order to raise the amount of monies needed to operate.
Don't expect that the county can operate on 20 percent less money because your property values have fallen 20 percent. |
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Artie Lange Fan
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Exactly, for taxes. Not really surprising... |
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frak1a12345
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Where did you ever get the cute idea that the two were connected? At best they are only very loosely linked.
You want your taxes lowered? You have to convince the assessor's office that your valuation is too high. |
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Steve D
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Check your property appraisal date - most tax appraisals are done once every three years and the increase is phased in over those three years. Thus, while market value may be decreasing, if your home was appraised for tax purposes during an upswing, the phase in makes it look as if teh appraisal is still going up.
Also, check with your tax appraisal office. In many cases, if home values have declined a lot, you may be able to request a re-appraisal. I am not sure how oit is in your neck of the woods, but in Maryland, most tax appraisals tend to come in under the actual property value (at the time the appraisal is done), so a re-appraisal doesn't always help. |
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cottonlily84
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Because market value and tax value are two entirely different things judged by two entirely different entities (lender vs. county). Tax value usually steadily increases with time while market value, as we all too well know, fluctuates greatly depending on many other economic factors. In my county tax value is still about 15-20% less than market value anyway so we aren't sweating it. Just be glad you didn't have to pay even more outrageous taxes when the market value was stronger than ever. |
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MVD34
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That depends upon the county appraisal process.
For example, my county uses real time annual appraisals...meaning that they appraise every year based upon current selling prices. Our appraisals went up very quickly and they have come down very quickly, following the market almost in lock step.
Other counties...perhaps yours...have a series of formulas -- sometimes quite complex -- that actual appraisals have to go through before they become the appraisal that you are taxed upon. Typical are a delay of a year or more (this years taxable amount is really last years actual appraisal) and limits as to how much an appraisal can go up in one particular year.
It is also possible that they have made a mistake. Local governments frequently get new property values wrong and often over assess older properties that happen to be located next to newer properties. |
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