With home prices taking a tumble, many people are finding out that they are paying real estate taxes on more than what their home is worth in today's market.  Most don't mind paying the tax  but it has to be at least fair. 

Several years ago a typical home in Hampton Roads was valued at about 20% higher than what the city had assessed their home.  This was a good thing.  You actually want your assessed value as low as possible because the assessed value is mulitplied by the tax rate.  Lower assessment means lower tax bill.  Nowadays, some home prices have fallen, in many cases, well over 20% and homeowners are starting to figure this out. 

Most people do not know that you can challenge this issue if you feel that the government is unfairly taxing you on more than what your property is worth.  This isn't a "slam dunk" and there arent' any guarantees but it is definitely worth the try.  With the decline in the housing market across the country, city and county governments in every state are starting to feel the pressure from their homeowners regarding this.  If you do know what your home is assessed at, just go to the government website for your city and look it up.  If you feel that you are paying too much taxes based on the fact that your assessed value is more than what your home would appraise for, you should visit the city's tax department and dispute it.  You have the right to do this and it's only fair.

Jeff Nelson
The Real Estate Group
Homes for Sale in Hampton Roads
757-749-1616