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It certainly won't happen automatically, you will need to speak to your county assessors and ask them what the process is for filing a challenge to the property's tax rate.Bear in mind the tax rate is only half of the equation. If property values in your area are all down since the last count assessment, then it would be logical to argue that all of the tax rates should be dropped. If and when this happens the result will be a higher property tax rate and the net result will be you will pay the exact same amount as your are currently paying.Most homeowners tend to focus exclusively on their homes tax value when really it not all that significant. Here's a simple explanation to help you understand why:
The city or county you live in determines an annual budget sufficient to over all of the expenses they anticipate for the coming year. This includes such things as public schools, police, fire and emergency services, road and infrastructure work etc. Based on what these items they estimate what the town, city or county will need to meet these expenses. This is the Annual Budget.
The Annual Budget is then divided by the total value of the Grand List. The Grand List is the value of every piece of property that is taxed in the area being covered by the Annual Budget and this determines the Property Tax Rate. Or as a math formula: Grand List X Property Tax Rate = Annual Budget
So when the value of the Grand List (Assessed Values) goes down the Property Tax Rate goes up. When the Property Tax rate goes down your Assessed Value must come up. The only thing that truly impacts how much you pay in property taxes is the Annual Budget for the community you live in, and this isn't something I could possibly address here.
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