New York Times wrote an article today on a subject that has been rolling around my pretty little head lately.
Since insurance rates and property taxes seem to be clouds over the Miami real estate market, then the anticipated lower taxes on declining property values will be the silver lining of that cloud.
While every state and local government has its own methods for assessing home values for tax purposes — some do it annually, some every five years, and everything in between — many counties are hearing from residents that they would like their homes reassessed, or have taken steps to bring the taxes down of their own volition.
From my estimation, property values have been declining in certain markets for about 1.5 years. When will the county tax assessor re-assess property values?