Thanks for your comments.

Thanks for those insightful "stray thoughts." They're extremely help – especially for those who live in California.

Ilyce

You're right – as home prices fall, property taxes should fall as well. Only county tax assessors are usually working with property values that are two to three years old. In the next year or two, as reassessments take place, you should start to see property taxes fall.

But watch out for this: State and local governments are also broke and need additional funds to balance their budgets. While your property taxes should fall in value, the tax rate might increase as local and state governments need more cash. So, you might wind up paying more, even though your property is worth substantially less.

The only way to check on whether what you're being charged is reasonable is to look up what other houses that are similar in age and amenities to yours are being charged for property taxes. You might wish to hire a property tax attorney to help you file the appeal.

Thanks for your comment.

When they offered half that much last year, the credits were grabbed up in about three months. Clearly, they boosted home sales.

Any other state that wants to encourage home sales might want to consider doing the same thing.

Remember, home purchases mean increased expenditures on related items, with job increases in the related fields – home contents, yard and landscaping improvements, insurances, higher property taxes.

Just some stray thoughts…

Eva

Your TaxMama