It's More Taxing When There's Less Selling

Though it depends on the area of the country, and in many cases, the urban area in a given state, home prices have in general been stagnant or dropping just about everywhere. Since the peak in 2006, some areas have experienced double-digit declines, while most are more just stagnant or in the single-digit drop category.

Buyers are nowhere to be found, and the law of "supply and demand" is firmly in charge ... except at the property tax assessor's office. In many areas where prices have declined, tax valuations have increased during the same period. Homeowners are less than pleased. As the article at the link tells us, there are initiatives showing up in many states to limit property tax increases.

Thanks to Joe Ferrara over at Sellsius for a post about how to use a Realtor to dispute property tax bills. It seems that you have a 1 in 3 chance of winning when you fight an increase in valuation. When it comes to tax assessors, it seems to be a little like the cat and the tree. It sure was easy to get up there, but coming back down requires a fire truck.