Another year of home price declines.
As reported in the Washington Post (New-Home Sales Drop Slightly, Push Down Prices 6/25/09).
The Post reported that “median new-home prices fell another 3 percent, to $221,600. A logjam of foreclosed homes on the market has been driving down prices throughout the country. For example, existing homes saw a 16.8 percent decline in median home prices in May, according to industry data released Tuesday. Prices are likely to tumble for another year before beginning to rebound, analysts said.”
Another year of price declines. That means possibly another 2-3 years before prices rebound. Property tax assessments will probably be slow to re-set, so it’s important to ensure your tax assessment follows the decline in the price of your house. Otherwise you will be over-assessed (i.e. over-taxed.) We all feel over-taxed these days—but why accept making additional payments to the tax assessor when this isn’t required? One site, www.LowerMyAssessment.com, specializes in helping people save money by lowering their tax assessment.Labels: assessment, lower property taxes, property taxes, real estate tax, saving money
posted by LowerMyAssessment.com at
11:02 AM
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