In the current Home Market, it is difficult for many individuals to see any upside to the fact that their Home has decreased in value. I have mentioned in one of my previous Blogs that one positive is that upgrading from a current home to a home of greater value is extremely benefical at this time, which it seems is a concept that very few people find comfortable. Another positive that everyone should take advantage of whether you are staying or thinking of selling in a year or two when the market rebounds, is the Property Tax savings. Home property tax is based on the value of a home. Since values have decreased the property taxes should be decreasing. HOWEVER, let's not wait for the Tax Assessor's Office to lower your Property taxes, as then it may never happen. I myself fight my property taxes almost every year. There are several positive reasons for getting your taxes lowered. 1-You save money on your yearly bill 2- Your taxes will stay lower longer 3- If you go to sell and your taxes are lower than another home in the neighborhood you will appear more appealing.
Most people hardly look at their property tax bill or the assessment factor letter that comes in the mail because they escrow to the bank or because it seems "Alien" to them. I used to be that way too! So if this is a project you would not like to handle then contact a tax specialist to have them get your taxes lowered. Yes, paying to get the lowered is a price, but the money you save this year and next year, etc. outweighs the amount you pay a professional. OR, you can be like me and figure the system out. You can find everything you need on the internet. It is all public information, and once you see how much your neighbor is paying, etc you will become addicted. I have found neighbors to be paying as much as 2000 less than me for the same home, and I have found 1 Home Owner paying 4000 more than anyone else with the same home. It is amazing. So let's take advantage of the public internet, and to the downside of the current housing market. If you have any questions, please feel free to contact me. This is a free service that I give to all my clients. I can not legally petition their taxes for them, but I can download all of the information and walk them thru the steps. Believe me this process becomes an obssession- Karen