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1. Chris Bell
   Member Profile

   My 2010 assessment just came. My property value dropped by nearly $100K. Anyone else get a reduction?

   Posted 2 years ago #         

2. TDe
   Member Profile

   Yes, mine went down over $110K... I'm thrilled! That means less in property taxes and has little to do with market value.

   Posted 2 years ago #         

3. JoB
   Member Profile

   this is the upside of a declining market...

   the downside is that your property really is worth 100K less.

   Posted 2 years ago #         

4. mrhineh
   Member Profile

   Yeah, don't get too excited yet. I HIGHLY doubt that the tax bill will decrease that much. The county is in a deep hole, so the multiplier will probably increase to make up the short fall. We won't get off that easy.

   Posted 2 years ago #         

5. Ken
   Member Profile

   

   dropped 60k
   but since it had gone up 40k per year for nearly a decade I figure it is a momentary respite.

   Posted 2 years ago #         

6. lazybeard
   Member Profile

   

   Ours went down by ~23% from the previous year.

   Posted 2 years ago #         

7. Bonnie
   Member Profile

   Yes, we got ours about a month ago and ours went down about 20-25% too.

   Posted 2 years ago #         

8. KatherineL
   Member Profile

   Mine went down about 20% also. But as Ken notes, it's been going up ever since I moved in. I, too, expect it to go back up again.

   Posted 2 years ago #         

9. KBear
   Member Profile

   Your assessed value does NOT directly determine the amount of tax you owe. It is used to determine your SHARE of the total tax levy. Just because your assessed value goes up or down does not mean your tax will go up or down. It depends on what everyone else's assessment does. If everyone's assessment goes down, your share of the tax and the amount you owe may remain the same, or it may even go up if the levy is increased.

   Posted 2 years ago #         

10. digidoll
    Member Profile

    

    Downside: if you have a HELOC, they will lower your credit limit, since it is tied into the asset (house) value. Keep this in mind if you are using it to finance repairs/remodels, as you may not have enough left to finish the job (speaking from recent experience, here).

    Posted 2 years ago #         

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