If you are in an area that you know the current market value of your home is less then it was a year ago, consider appealing your property taxes. You shouldn't continue to pay property taxes based on a higher value. Higher taxes may also make a property less appealing and affordable to buyers.
How do most counties figure what to charge a homeowner? Residential property values are based on the amount a willing buyer would pay a willing seller without duress. Key word is "without duress" this means, if you have a lot of foreclosures in your area, the county does not have to lower your value based on those sales. Assessments are generally not reviewed on an annual basis, so a property's assessment will never be 100 of market value. In Butler and Sedgwick County, the comparables are a year behind the current year that we are being tax on. It may be next year before you see a decrease in your value. I strongly feel it will be difficult to get the county to lower our properties value because the governing bodies need MONEY!
If your home value seems to be out of line here are some steps for you to follow:
1. Make sure the county has the correct information on your home.
2. Public records are available for you to find out what other homes are appraised for in your area. You can use these for comparables.
3. Make sure you are familiar with the comparables the county used to assess your value. If you know those homes where in better condition such as; updating, new carpet, new roof, and fresh paint then you need to point that out to the county. Make a list of the positive and negative items that affects the value.
4. To find out the value of your home; you can call your local Realtor request them to run comparables or pay for a professional appraiser to do an appraisal.
Last thought- taxes will go up if in your area if the local mill levy has increase. That has nothing to do with the value of your home. For example; school, road or city improvements can increase taxes.