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Answers (4)
- Dan, "the_country_hick"
- Contributions:4700
The answer is yes and no.
Yes, taxes will decline as long as the town does not revalue. You prove your house is worth less than assessed value you get a reduction.
No, give it another year. The town will see those lower values as a problem. To compensate for their spending they will increase the mil rate. Your house will drop in value by 50% and they will double the rate to make up for that fact. oh, I forgot to add, they will then increase what they spend so you pay more than before.
Up here one city manager was PROUD of the fact that he LOWERED the mil rate in his city a few years ago. He was bragging about it in the news paper. Very soon people in town wrote in. Yes; the mil rate was dropped. But now they revalued my property and my taxes went from $1,000 to $1075. How is that a reduction?
Do not expect to see less $$$ come out of your pocket for property taxes unless your house falls in the cellar.
Yes, taxes will decline as long as the town does not revalue. You prove your house is worth less than assessed value you get a reduction.
No, give it another year. The town will see those lower values as a problem. To compensate for their spending they will increase the mil rate. Your house will drop in value by 50% and they will double the rate to make up for that fact. oh, I forgot to add, they will then increase what they spend so you pay more than before.
Up here one city manager was PROUD of the fact that he LOWERED the mil rate in his city a few years ago. He was bragging about it in the news paper. Very soon people in town wrote in. Yes; the mil rate was dropped. But now they revalued my property and my taxes went from $1,000 to $1075. How is that a reduction?
Do not expect to see less $$$ come out of your pocket for property taxes unless your house falls in the cellar.
- Michael Dolan, "BrokerPro"
- Contributions:277
No. In Oregon, property taxes are separated from market value. Look at your tax bill. You will see two "values." One is RMV, Real Market Value. The other is Tax Value. Your bill is based on tax value
- Michael Emery, "MikeEmery"
- Contributions:7298
As property values decline, the base from which property taxes are drawn shrinks as well.
A home that was valued at a million dollars that was taxed at 5 percent would've brought in $50,000 in taxes. The same home today might be worth half that amount so the taxes collected would drop to $25,000
Unless government can reduce their spending by half (and we know that's not possible) the tax income will have to come from somewhere. So even though property values are falling, taxes are actually increasing (especially on those homes that have seen modest decreases in value). While you might see a modest reduction in your property taxes this year, don't count on it staying that way.
A home that was valued at a million dollars that was taxed at 5 percent would've brought in $50,000 in taxes. The same home today might be worth half that amount so the taxes collected would drop to $25,000
Unless government can reduce their spending by half (and we know that's not possible) the tax income will have to come from somewhere. So even though property values are falling, taxes are actually increasing (especially on those homes that have seen modest decreases in value). While you might see a modest reduction in your property taxes this year, don't count on it staying that way.
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
Yes. If you don't get an automatic reduction, appeal to your local tax board to have a reduction in your tax basis. In most municipalities, it's fairly easy to appeal.
will RE taxes decline as home prices decline:
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