Taxes Increase While Home Values Decrease - Greene County Assessment Controversy

Kay - understanding the assessment process is a full time job ..... despite the fact that many people believe what the various assessment offices put out about the relationship of assessment to market values nothing could be further from the truth.

Assessment is not done by comparables as we do for determining the most likely price a home would sell for.

Assessment is actually a mass market approach using complex formulas, regressional analysis, and subjective opinion. In many jurisdctions a variance of 10% in either direction from actual sales is very acceptable in the final assessment of any given property.

If you were to ask my web guy hubby (realtax here in the rain) he could expand on this or you could read some of his posts on the subject.

What else is new...Where I live the taxes are going up every year by about five percent.

This is a common theme. Here they just adjust the tax rate up to compensate for the decrease in assessed values.

This will affect resale market. Good advice to arrange a meeting at the assessor's office.