Saturday, July 4, 2009

Homeowners Challenging Property Taxes

It's a nationwide phenomenon. From the NYTimes:

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.

The requests are coming in record numbers, from owners of $10 million estates and one-bedroom bungalows.

The revenue losses are coming as homeowners prod towns for new assessments, and as municipalities conduct regular revaluations of their real estate. While declining residential values weigh heaviest on many governments, the value of commercial real estate is also sliding as businesses shut down and move out of storefronts or shopping malls.

Read the article here.

The deadline for Cville tax challenges was March 3. Just before this deadline, the Assessor's office had received nearly 400 requests, and expected additional challenges. For more info on this year's City taxes and related links, go here. To read about Albemarle County's Assessment values declining, click here.

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