03-18-2009, 10:34 AM
My market value went down 10%, but the assessed value went up 3%. I think they can do this because there is a limit on assessed value increases year over year. Thus during the bubble, the assessed values lagged behind the skyrocketing market values. Now that market values have fallen, in many cases the assessed values still lag behind them. So even in a falling market one's assessed value can go up.
Perhaps our two forum real estate pros, either of whom I trust to explain this better than I can, will chime in and clarify or correct my assumptions. And FWIW, owner-occupant property taxes here are among the lowest I have heard of in the USA.
Cheers,
Jerry
Perhaps our two forum real estate pros, either of whom I trust to explain this better than I can, will chime in and clarify or correct my assumptions. And FWIW, owner-occupant property taxes here are among the lowest I have heard of in the USA.
Cheers,
Jerry