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Why has our property value dropped so drastically in the last few months?

The range of values for homes nearby, just a few houses down is so drastic, compared to what it was several months ago.
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February 09 2010
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Answers (3)

It's really not a difficult process. You should be receiving your new assessment from the county soon, I received mine last week. There will be a phone number on the assessment that you can call to make an appointment to appeal the taxable value of your home.

The next step requires a bit more work. You have to find what similar homes in your area are currently listed for and what similar homes have sold for in the past 12 months. With that information, you should be able to establish a value. When you go the the appeal, take the listing documentation with you and leave it with them. It gives the board something to review when the review your case. Also bring the Zillow estimate with you. The more documentation and the more organized you are, the better your chances for a reduction.

It looks like you received a substantial reduction from the 2008 taxable value to the 2009 taxable value. So the County is aware of declining values in your area ... who knows, maybe they gave another substantial reduction for 2010 already.
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February 10 2010
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Thank you Jim!  How do you substantiate something like that?  The taxable value of my home is $97K but since the value has dropped substantially since we bought it, where would I begin ???
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February 10 2010
Well, property values have continued to drop this year. Zillow obtains its' information from county public records. If there have been numerous short sales and foreclosures sales in your area, that could greatly affect the Zillow value of your home .... it's like guilt by association.

Perhaps this is an opportunity for you to take advantage of lower house values and appeal your property taxes. If you can sudstantiate that the taxable value of your home is lower than what the County states, you have a good chance of lowering your property taxes.
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February 09 2010
 
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