With the steep slide in property values many homeowners are trying to fight their assessed values with the Value Adjustments Board (VAB).
Market values have come down, and many homeowners feel their properties shouldn’t be assessed at the levels they’re seeing. But a key point to remember is that property assessments aren’t based on today’s values; they look backward. That means tax bills for 2008 reflected property values in 2007. But 2009 assessments will be based on property values between Jan. 2, 2008, and Jan. 1, 2009.
Property owners sometimes save thousands of dollars by appealing to the Value Adjustments Board. There are quite a few cases that warrant adjustments, so it may be worth the effort. One caveat about winning a VAB appeal: Property appraisers, relying on computer-assisted mass assessments, often jack up an assessed value again the next year after someone wins an appeal.
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