Property Taxes

[thewb]

With the value of real estate dropping nearly everywhere across the US,, shouldn't property taxes as well...
I live in Michigan and am putting together a free resource for homeowners to analyze their assessment and make sure they are paying their fair share of taxes,,
LowTaxRate.com

60& of the homes in America are overassessed,,, some relief should come from the local government but don't count on it,,, do it yourself.

[Greg]

The slow down of the real estate market didn't signal the end of society. The local taxing authorities still have budgets to pay and services to provide. I don't like paying taxes but I do like being a part of a society.

[thewb]

I agree Greg,, we need to pay our fair share of tax. But with Mortgage rates being effected adversely with lower property values, insurance rising should we not be allowed to pay our fair share of tax. Every municipality has set up different and often confusing property tax laws and have enjoyed more revenue through the appreciation of property value. Now that values are in a downturn should our taxes also go down? If I made $100,000 in income last year I would pay tax on it, this year if I made $50,000 I would be expected to pay a lesser amount. Why is the same not true with property tax,,, 60% of homes in America are overassessed, the real issue is making our (mainly inefficient) local governments spend tax dollars more efficiently and assess our homes fairly. Since this will not likely happen it is left to the homeowner.

[AndrewFalde]

In my area (SW Florida). Taxable value is based on the previous year's sales. For the past 30 years the previous year was always lower. It was originally set up this way to benefit property owners. But now, 30 years later, the system finally backfired. Our expectation here is that property taxes will decrease in 2008 to follow suit with decrease in property values. Additionally we expect insurance to drop since insurance companies have recouped their "losses".



-Andrew Falde