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Property Taxes Challenged by Homeowners July 6, 2009

Posted by John Watch in AccuriZ Reports, News Feed.
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Reported by New York Times.

“Homeowners across the country are challenging their property tax bills in droves as the value of their homes drop, threatening local governments with another big drain on their budgets.”

Looking at public records, home values are declining and homeowners are looking to appeal the overvalued taxes on their homes, in most cases in desperation to keep the homes they are in .

Predicted by AccuriZ months ago on page 10 of the Housing In Crisis Report, the domino effect of the bust has trickled down to local levels; here’s an excerpt from the report:

“Another hidden factor relating to the valuation adjustment is the effect of property taxes on housing. A separate analysis needs to be conducted to determine the impact on municipal budgets which developed services based on the recent housing boom. As new construction remains stagnate until the oversupply of housing is absorbed property owners will be impacted with increased levies to cover the short fall of revenue. This increase in property taxes will further erode the financial analysis of affordability.”

As homeowners continue to feel the aftershock of the housing crisis, AccuriZ continues to outline the trends with accurate property data. As the report indicates, an oversupply of housing coupled with other factors has put the market in a position that will take three to five years to return to stable levels.

How do you think the government will react to the rise in tax appeals? 

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