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3 Comments on My house is worth what??
This is the same in other areas the taxes do not reflect the current value of the home in which we are paying taxes they need to catch up.
Someone needs to inform the assessor that you need the taxes adjusted(haha). Oh, the housing market, always full of headaches!
In California, the decline in property values has forced county assessors to do regular reductions of assessed values over the last few years. This is one of the contributors to California's economic problems. There is a lot less money coming into the county tax collectors' offices due to value declines. I cannot imagine this experience is not being replicated in other areas across the country where property taxes are based on the value of the property. If your property has declined in value, your assessed value should reflect same and, if appropriate should result in a decrease in property taxes. Of course, appropriate tax laws are likely to vary among the States.