July 2, 2008

The Upside To Declining Home Values

We received a letter from the Assessor's Office today stating that our condo value assessment is being reduced again from $270,000 to $220,000. Good stuff! This should result in a ~$500 reduction in our property taxes this year.

We did not have to complete any paperwork to have our property reassessed this year. Last year, having our property value reassessed and reduced saved us $767.20 in property taxes.

If we end up keeping our condo as a rental property when we buy a house, these reductions in our property value should save us a lot of money in property taxes over the years since the property value assessment can only be increased by 2% annually.

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