Can property tax be lowered if house value drops?
Posted by RealEstateSEO | Posted in Real Estate SEO | Posted on 24-12-2009
Tags: County Tax Accessor, House Value, Property Tax
5
heavyd asked:
My house value has dropped considerably and I wonder if I can ask my county Tax Accessor office to lower my property tax. Is this possible? If so, what’s the procedure? Thanks.
seo meta tags
My house value has dropped considerably and I wonder if I can ask my county Tax Accessor office to lower my property tax. Is this possible? If so, what’s the procedure? Thanks.
seo meta tags
You can always ask but, the answer will be NO. In most states, the county cannot assess the value of an individual home. It has to be countywide. Therefore, they will not do it until the next countywide assessment is due.
Yes your property tax can be lowered if the value of your house has decreased. What you may need to do is have your house reappraised. Once that is done and you submit the findings to your county Tax Accessor, they will re-evaluated your property tax for the next year.
Check with your county assessor. There’s usually a formal procedure for disputing your tax bill. This info may even be on your assessor’s website.
The Tax Accessor will do so if there is a whole crash in the housing market, otherwise they will stick to the 2% inflation each year to add onto the property tax. It also depends on where is your property.
In my state, California, if the value of the subject property drops below the assessed amount, the county assessor must lower the assessment. If you are in California, call the assessor immediately because there is an early December cutoff for making the request. I can’t speak for other states.