Well, this isn’t all bad. I’m sure that my county tax assessment will drop as well. I mean, I was able to get them to drop my new home’s assesed value down to the purchase price- (rather than the 120% of purchase price they tried to assess it as “Market Value” just sixty days after the purchase ) so they’ll probably just keep dropping their “Market Value” tax assessments to keep up with the trend. /end sarcasm
If you don’t have to sell, this is a real opportunity to lower your property tax bill. I’ve always had to file a protest to get a reduced valuation however; the county NEVER lowers it on their own. My 2008 tax bill had a proposed a 3% increase in valuation from 2007. I was able to argue for a 9% reduction based on comparable sales normalized to square feet. Very profitable time spent.