Monday, March 10, 2008

Lower Home Values Have A Tax Benefit

Property Tax is based on the County Assessor's valuation of your home. Typically, Property Taxes go up each year as the value of your home appreciates, but what happens to your tax bill when property values decline? Typically, the average Property Tax bill will still go up in a declining market. Doesn't seem fair, does it?

There is a way around this unfair Property Tax increase in a declining market. Did you know that most counties have an appeal process to inform the county that your home is being taxed on an inaccurate valuation? It's true...The "Petition for Review of Valuation" form can be picked up from your local County Assessors office. There is usually a deadline to file the petition so don't procrastinate. The county will then notify you of their reassessed valuation of your property. In most cases, your property taxes will be substantially lower saving you money.