Homeowners See Property Taxes Rise as Property Values Sink
2 out of 3 cities in the US are seeing their revenue in decline according to a recent survey by U.S. League of Cities. Cities and towns need to raise rates after their main sources of income — sales, income and property taxes — declined together in 2008 for the first time in 12 years, the League of Cities survey said. Assessed value you pay your taxes on went up while market value went down is a growing problem for homeowners. It’s time to contact your local assessors office to review your value. Who’s done this? We know many investors owning several properties, that use FSBO.com to sell & rent their property, have quickly complained and requested a new assessment. Don’t delay!
Who’s done this?
March 28th, 2009 at 11:56 pm
It’s a great idea to do this, and most counties have a deadline to submit the application for a re-valuation of your home. Since many homes in many neighborhoods around the U.S. are in foreclosure, and thus not paying real estate taxes, this poses an unfair tax increase for other people in that neighborhood who are actually paying their mortgage. The only decent way to fight back is to challenge the assessor’s office and submit a complaint.
See your local county website and check for the deadline sooner than later. You can do this by going to google and typing in “county assessor office YOUR CITY, YOUR STATE and pressing ’search’.
Many people that I have helped Sell By Owner have mentioned that they need to sell their property because of the increase in taxes. This makes it very hard for many Americans to afford their mortgage, insurance, and taxes every month. This is unfortunate because a slight bump in taxes, over a few months, can, in worst case scenarios, lead to people losing their homes.
Take this chance to get your taxes back to an affordable number ASAP as this might save you from losing your home, facing foreclosure, or being forced into a short-sale situation.