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Rainmaker
1,766,796
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Could have been assessed incorrectly in the 1st place. Ours is redone every 4 years & usually that means the value is declining.  Many people were upset when the real value wasn't even close to the tax value a few years ago & literally they were being overtaxed.

Feb 18, 2017 11:41 AM
Ambassador
3,987,010
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

That maybe the assessor really took a look at the property instead of using a blanket increase approach for the entire area.

Feb 18, 2017 02:35 PM
Rainmaker
4,492,665
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Are you talking about properties taxes? If so, it tells me taxes will be lower. It might not mean anything else at all depending on a specific jurisdiction and how they determine property values.

Feb 18, 2017 01:35 PM
Rainmaker
1,672,315
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

The municipality doesn't need any new funds

Feb 18, 2017 11:47 AM
Rainmaker
1,183,950
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

happened here two years in 40 years.... Sell sell sell,

Feb 18, 2017 11:19 AM
Ambassador
1,414,474
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

I'm seeing this in our town.  Prices were inflated and the new assessments are now showing a more realistic value.

Feb 18, 2017 11:09 AM
Ambassador
3,984,948
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It is rare but new assessors sometimes take a different approach...

Feb 18, 2017 10:48 AM
Rainmaker
1,558,658
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

If property tax bills are based on current real estate values in your area, expect differences in your bill from year to year. Tax authorities can increase your bill by increasing the assessed value of your property and/or by increasing the tax rate. Likewise, they can lower your bill by decreasing the assessed value of your property and/or by decreasing the tax rate. 

Feb 18, 2017 06:34 PM
Rainmaker
2,155,202
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many great responsed here.

Feb 18, 2017 01:15 PM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Assessor may have felt it was incorrectly valued in the first place and is correcting it.  In our area a homeowner can contest the assessed value and in some cases the assessor agrees to lower it, so that could be a possibility too. The assessors here usually are behind the market so I wouldn't see it as an indication where the market is going.

Feb 18, 2017 12:29 PM
Rainmaker
609,240
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Sounds like your market is in flux and perhaps entering a downturn.

Feb 18, 2017 12:12 PM
Rainmaker
5,326,003
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Something we have not seen in Denver for several years.

Feb 20, 2017 09:32 AM
Rainmaker
4,335,993
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, I only see it going up in our area.

 

Feb 19, 2017 07:52 AM
Rainmaker
7,038,403
Roy Kelley
Retired - Gaithersburg, MD

Check the comps for the real market value.

Feb 19, 2017 06:04 AM
Rainmaker
292,585
Jack Lewitz
Exit Strategy Realty - Evanston, IL

Assessed value and market value are inter-related and are taxed based on their assessed values. If people feel they are paying too much in taxes they appeal and reduce their assessed value based on resent sales comps which then equates to current market value .

Feb 19, 2017 05:52 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It may mean that values are decreasing, but there are other possibilities as well.

Feb 19, 2017 05:27 AM
Rainmaker
849,472
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Maybe the particular property is getting older or more decrepit, especially vis a vis most other properties in town.

Feb 19, 2017 04:33 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

They fluctuate here

Feb 19, 2017 02:26 AM
Rainmaker
1,430,521
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Very seldom does that happen.  I've only seen it once.

Feb 19, 2017 12:05 AM
Ambassador
4,316,215
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Desmond Neoh - the homeowner is lucky if and when this happens!

Feb 18, 2017 10:50 PM
Ambassador
4,553,992
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

As Lyn Sims said - this happened here during the recession as well and many fought to have their values reduced.

Feb 18, 2017 10:13 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

There are many issues and reasons here...to many to speculate.

Feb 18, 2017 08:40 PM
Ambassador
2,608,648
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      In Florida, the assessment might have been challenged, by an appeal to the County's Value Adjustment Board.  If the property owner prevails, the assessed value could be decreased.

   

Feb 18, 2017 04:54 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Feb 18, 2017 04:04 PM
Ambassador
5,754,403
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

No idea what it means

 

Feb 18, 2017 02:34 PM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not a good sign since assessment is an averaged number.

Feb 18, 2017 01:04 PM
Rainmaker
2,691,488
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It invites a second look and some good Q & A....

Feb 18, 2017 12:00 PM
Rainmaker
4,388,243
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I feel it reflects the market increasing or decreasing from a year or two years ago..always trying to catch up.

Feb 18, 2017 11:55 AM
Rainmaker
5,767,466
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Desmond,

You great answers here.

Feb 18, 2017 11:49 AM
Rainmaker
5,580,884
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

reflects the correction in the market from a year ago...

Feb 18, 2017 11:34 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

It could be for a wide variety of reasons.

Feb 18, 2017 10:52 AM
Ambassador
3,158,645
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Do you mean across the board in your state/county or with a few select properties?

Feb 18, 2017 10:47 AM