Millions paying property taxes based on value of home before bubble burst
Now that the housing bubble has burst, up to 60 percent of the nation's taxable property may be overassessed, meaning owners are paying thousands of dollars more in taxes than they need to, experts say.
That is leading to a flood of appeals in many markets from homeowners eager to cut their taxes and speed the process of aligning tax valuations with reality.
While home prices have fallen by 30 percent on average since their 2007 peak, according to the Case-Shiller Home Price Index, many counties only reassess every three to five years and have little incentive to move faster considering how important property taxes are to funding local government operations.
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4 comments:
Oh and by the way, the dollar has also lost some of its value, no i dont know how much.
But should not payroll tax be lowered also?
If you don't want to see your property taxes go up more, you should attend this meeting.
Wicomico County Executive Richard M. Pollitt, Jr., announced today that he will hold his 4th annual budget preview meeting on Thursday, April 8th beginning at 7:00 P.M. in the Flanders Rooms of the Wicomico Youth & Civic Center. As always, the public is invited and encouraged to attend.
The dollar has lost "some" of its value?
There are 2 and 1/2 times more dollars right now - than there were just 2 years ago!
That's right, the volume of dollars has already been inflated by 250%.
Ann 2:12
Being the economist you are, are you saying the government owes me money?
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