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Originally Posted by fatlazyless
It's anyone's guess but it's my hunch that the falling home selling prices will not translate into falling assessed values and lower property taxes.
In the past three years Meredith has built a new large police station and community center. In the past three years my property taxes have gone from 2800 to 8200 dollars.
At least I have something big to show for my increased taxes, indirectly or something! It's better for the community to benefit than for the individual! ...say what?
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Nope, your taxes won't go down Less, the assessment may go down but the rate will go up to compensate, just as when everyones assessment goes up the rate goes down to keep the levy the same. The problem isn't property values rising or falling, it's the spending.