Housing prices falling last year?

[Fieldmouse]

How many were under the assumption that housing prices have dropped last year? I was under the impression they haven't moved in my area. However, my local tax office has decided my house went up 150K last year.[:@]

Who thinks Bill Gates has more control over you? I now have a new battle to fight with my local government and unfortunately, the have the guns and jail.

[ipscshooter]

Yep. Mine went up $50 grand this year... Nice way for the stinking democrats to say: "We didn't raise your tax rate." But, my taxes went up, a lot...

[Lemaitre]

I am pretty sure that housing prices dropped precipitously everywhere in 2007, they certainly did here in California. However, getting a house re-appraised to reflect a property's reduced market value is going to be very difficult in this environment. Local governments depend on property taxes for the lion's share of their revenues and right now they are facing very hard times. Unlike the Federal Government, local governments can not print money and raising real estate property tax rates is often politically or legally impossible. Therefore, they have a huge incentive to fight hard to keep real estate appraisals for tax purposes at the 2005 levels rather than the currently much lower market values that have prevailed since late 2006.

[Fieldmouse]

Lemaitre,

Mine was justreappraised by the county and found it has increased in value by 150K in 2 years. I'm thinking of asking for drug test of our county appraisers, or at least ask them to share. I have my appeal already completed and will update you guys on the outcome in 3 months.

[petasux]

They doubled mine a couple years ago, the only improvements I made were a new roof and a small sidewalk I added.Just read on another site some other guys were upset about the same thing.Good Luck FM, hope your appeal works out, sounds like BS to me.