Property taxes since our homes have lost value,should’nt a reassesment be in order?

February 12th, 2010 | by admin |

Now that everyones home has become worthless according to the government why should’nt we have them reassed?
It doest make sence paying the old realastate price if our homes are’nt woth as much so is’nt a reassesment in order?
Why give this money away to our local tax collector if our property has been devalueated.
10 points for a best answer

Unfortunately, government has a habit off spending EVERY penny they take in, and then some. They on the hook and can’t figure out how to make ends meet if they were to take in less from property taxes, or any other tax for that matter.
The political types are not that bright. They come up with estimated income from this tax or that service fee and then spend the dough in advance. They can’t figure why the income from cigarette taxes would go down after raising them a bazillion %. Just one example. There’s many.
Sorry about getting side tracked. They have to come up with a replacement for the lowered property tax revenues before they can reduce them.

  1. 6 Responses to “Property taxes since our homes have lost value,should’nt a reassesment be in order?”

  2. By denverlmc on Feb 13, 2010 | Reply

    Amen brother.
    References :

  3. By ptcanon on Feb 13, 2010 | Reply

    I don’t know about where you live…but where I live they did reassess the houses throughout the whole county. And while the market is way down, the contractors keep building McMansions, and the economy is in crisis…they assessors decided that all our properties were undervalued. So prices through out the entire community are going up like every other bill we have. It can of course be contested, but good luck with that to those brave enough…and those that have enough spare time to spend business hours sitting in the court house being blown off by the decision makers. Its a bad time all the way around. Reassessments probably won’t be in your favor.
    References :

  4. By moneycrisis on Feb 13, 2010 | Reply

    You need to petition for a re-assesment with the county or city. Most cities are aware of the nationwide slump and have already done the re-assesment. Check with the tax department of your city.
    References :

  5. By Jäger on Feb 13, 2010 | Reply

    Even if the properties are, by some miracle, assessed to a lower value; then they would simply increase the millage rate. Thereby they would still get the same amount of money from the home owners, if not more.
    References :
    My brother went through a reassessment and I gave him all the recent sales info to fight it. Lost, of course.

  6. By poolplayer on Feb 13, 2010 | Reply

    Unfortunately, government has a habit off spending EVERY penny they take in, and then some. They on the hook and can’t figure out how to make ends meet if they were to take in less from property taxes, or any other tax for that matter.
    The political types are not that bright. They come up with estimated income from this tax or that service fee and then spend the dough in advance. They can’t figure why the income from cigarette taxes would go down after raising them a bazillion %. Just one example. There’s many.
    Sorry about getting side tracked. They have to come up with a replacement for the lowered property tax revenues before they can reduce them.
    References :

  7. By curtisports2 on Feb 13, 2010 | Reply

    Who’s home has become worthless? Values have fallen is some places, not wiped out entirely to zero.

    But yes, a reassessment is in order. Once the reassessment is done and the municipality sees what its new tax base is, it will just adjust upward the tax rate per thousand to keep the same amount of tax revenue coming in. Let’s say a city with 80,000 homes needs $100 million in property tax revenue for their next budget year. The current tax base is 16 billion in assessed valuation, which is an average of 200K per home. To raise the $100 million, the tax rate per thousand is $6.25. Now, the real estate crisis has driven down the average value of a home to 125K. The town still needs $100 million. It’s tax base is only 10 billion. It will have to raise the tax rate per thousand of assessed valuation to $10.

    And that is how the system works. Your assessment may go down, but your taxes won’t.
    References :

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