Hi Rosemary, They won't do it in my county in Virginia. Prices were steady at the lake til they jumped in 2005, the county reassessed in 2006, (astronomical jump), then the market started to decline and prices are way down. We bought a property last month $150,000 below tax assessment (the appraisal came in $30,000 over the selling price). We tried to get the county to reduce their assessment and they all but laughed at us! They won't reassess til next year. Just said ' you got a heck of a deal'. We feel we did too, so we'll deal with it. Hope owners have better luck in your county!

I have a call into the county tax assessor to see what the process is and will they do this without a fight.  Thanks for the tip.

The county is really quick to raise your taxes but takes forever to adjust them lower.

Chris -I know but it won't hurt to try.

Chris ~ good news.  They are accepting requests to re-assess.  I am going to check with some of the other counties and see what they are doing to help this problem.  I know in San Joaquin County it is a HUGH problem with all the short sale and REOs.  I bet at least Stanislaus County and most of the Los Angeles County and southern parts are going through the same.

UPDATE*********** 1-30-08 pm

I called the San Joaquin County Tax Assessor's Office and asked if this is a possibly or is it just a wish?

I was told that they are in the process of taking a look at each sale and going back over the last 2/3 years to evaluate if the property is decreasing in value, if they will adjust accordingly.  And they are taking requests  from individuals that feel that their property has declined in value!!! They ask that you call them and they will tell you the forms to fill out and what steps you will need to take.  Please call 209-468-2658.   

That's great news Rosemary! I'd fill out all the forms they wanted if they'd re-assess us!

Rosemary, that's some great information to put out to the public.  We were just discussing the same in area area.  Great Post.

I had to do some comps for a client I sold a home to in an exclusive neighborhood. I don't know how long it will be before they receive a response.

P.S. I did respond to your recent comments. Please drop back by.

Debbie ~ Not to be funny... but getting mentioned on 60 minutes and all the foreclosure attention has helped.  Maybe you need to help get the information out to the homeowners to send them a flood of requests to reconsider this, it might help.  I will update on how this is working here in my area.  I planned to take a look at other high foreclosred, REOs, short sale areas and see what the policies are in those area as well.  As time permits.

Ray ~ thanks.  I believe that everyone in all areas that are hit with the foreclosure, REOs and short sale crisis should check it out.  Keep them on their toes.

Great post. This might be a good post for a farming newslettr.

Gita, good tip.

If you think the Assessor's office will lower your taxes to the correct assessment without a formal appeal, do you also believe in the Easter Bunny?  

Every home built and/or sold in the past 3 years in this county has lost at least 30% of its value.  Are they talking that kind of reduction?  Think again!

The only way to make sure you get the correct reduction is to either pay one of those tax reduction company's 40% or 50% of the savings or get a guide at http://www.reducepropertytaxesnow.com/.

In either case don't wait on this because you have to establish your home's value during the first quarter of this year if you want a real reduction to its real value.   

Gita had a great idea of using this topic for a farm letter or past client letter. The one thing people do remember you for is good advice that is FREE! Sometimes we forget that our monthly mail outs get kind of tedious for our past customers.