Stand UP to increased Property Taxes in a declining market

THIS TRULY HAS ME SEEING RED!!!


I received a letter in the mail this week informing me that my Real Estate taxes are going up for the THIRD year in a ROW!!!!!! Needless, to say I am highly irritated because not only has house prices significantly decreased in my area but, it has made my monthly payment skyrocket as much as $75+ a month.
This morning to my relief Kevin Cavalli with Village Funding (775)327-4508 sent me this wonderful article along with local phone number to call and state my frustration and complain.

We can do something about this! Our home prices have depreciated so, why can't our property taxes?!

If you live in areas that have been affected stand UP! Get your neighbors to do the same. Read this article and make a difference.

Washoe County Assessor’s Office – 775.328.2200
Washoe County Treasurer’s Office – 775.328.2510





How Homeowners Can Benefit from Falling House Prices
by Laura Rowley
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Posted on Wednesday, August 6, 2008, 12:00AM
With home values down sharply and projected to decline further this year, this may be the time to challenge your property tax assessment. In fact, a few tax authorities are beating homeowners to the punch.
Crunching the Numbers
Some jurisdictions are performing blanket reviews and proactively cutting property taxes on homes purchased at the market's top. Los Angeles County, for example, says it reduced assessments on 128,000 homes, with average savings of $750. California's Proposition 8, adopted in 1976, allows for reductions in assessment due to declining home values.
"It's not common -- we did this in early '90s, but haven't had this type of real estate recession since that time," says L.A. County Tax Assessor Rick Auerbach. "L.A. County reviewed everything purchased in last three years, as did most counties in the state."
Tax offices are also inviting homeowners in declining markets to do the research and send in a challenge themselves. Craig Withers, a banker, bought a three-bedroom, 2,200-square-foot home in January 2007 in a suburb of San Diego. "I guess you could say I caught a falling knife," he says. "When I bought, prices were already 10 to 15 percent off their high -- then they kept falling."
Withers received a notice from the assessor suggesting he log on to its website and follow the instructions to seek a reduction. "They wanted recent sales comparable to your home and what you thought your property was worth," says Withers, who ultimately won a 10 percent cut in his assessment. (Property taxes are determined by the home's assessed value multiplied by a local tax rate.)