Pay close attention to your next property tax bill.
Your home may be worth less than the local tax assessor or taxing agency believes and that could mean a smaller property tax bill.
However, unless the assessor takes it upon themselves to perform a wholesale property tax reduction for all properties -- rare, but possible -- it's up to you to appeal your tax bill. "An overvalued, over assessed property is one of the most common and successful grounds for challenging your tax bill," says Eric Cunliffe, a senior vice president with RealEstate.com.
Generally, when home prices rise, so do property taxes which are tied to a home's value. Conversely, when home values fall, so do those same property taxes.
The problem is, many taxing agencies simply wait until the property is sold or the home owner performs a major value enhancing alteration before reassessing the property.
In the current market, however, the increased incidence of foreclosures would indicate, in some cases, there's not enough value in some properties to cover the mortgage. Some owners, wisely or not, are allowing their homes to go back to the bank.
Best Regards,
George
Shoreline Property Specialist
South Central Connecticut
Phone: (203) 245-6781 x229
Coldwell Banker Residential Brokerage/NRT/Cendant Corporation
Specializing in Elite/Previews Properties & Connecticut Shoreline Properties
Coldwell Banker Real Estate Corporation handles an average of $153 million dollars in Luxury Home Sales Every Day.
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