Well, we got our property valuation notice today

[jinxmchue]

The good news: it didn't go down.

The bad news: it didn't go up, either.  Oh, well.

[Chris]

At least your taxes won't change.

[MrsSmith]

At least your taxes won't change.

That's only true if the levy doesn't change.  I know in our area, taxes are going up while values are staying about the same.

[SaintLouieWoman]

Ours went down about 10%, but that doesn't mean the taxes will go down. The various governmental entities getting their cut out of the property tax can up their rates, to keep the flow of money the same. 

It kills me because I had bought the house at the peak of the market about 3 years ago. Oh, well, it's the break.

[bijou]

Ours went down about 10%, but that doesn't mean the taxes will go down. The various governmental entities getting their cut out of the property tax can up their rates, to keep the flow of money the same. 

It kills me because I had bought the house at the peak of the market about 3 years ago. Oh, well, it's the break.

I bought my place near the top of the market too, luckily I also sold my last place at a hugely inflated price otherwise I'd never have been able to afford this place  (which is a bigger place but in a slightly less popular neighbourhood) so it's swings and roundabouts for me.

[NHSparky]

Fortunately, we do valuations every five years, rather than CA which just goes by last purchase price.  So while my rate has gone up from $18.34 per $1000 assessed value to $19.99 now, it won't kill me when I'm reassessed because I'm pretty sure I'm not going to have a huge jump in property value.

In fact, if it goes up at all, I'll challenge it.  I think asking the city to buy my house for the valuation they put on it (if excessive) is a pretty good first step.