Now that home values are in retreat will the assesment values and taxes get reduced ??

Yes! But you have to ask! Other posters are correct, I am sure they will adjust the mill rate so eventually the taxes will be the same.. but you maybe able to save quite a bit short term. We saved $400 by appealing ours last year alone-- and we are going to appeal again.

In my county you can go to the county tax assessor's web site and get a form to fill out. It asks you for comparable recent sales in your neighborhood to show what current values are. Then they will reassess your property taxes and continue to do it every year from now on.

But you have to ask, they don't just do this automatically.

Good luck!

There are procedures for requesting a reassessment of your home's value; but as another poster said, watch for the local/state governments to start raising tax rates to make up for the loss in valuation.

website of your property tax assessor answers this.

valuations are a maybe -- depends on market in your area and how assessment is done.

watch for governments to raise tax rates though -- they're addicted to your tax dollars.

It has been my experience that they won't reduce your taxes until you bring it to their attention