Asheville Mountain Real Estate Blog

Asheville, NC real estate for sale. Information for buyers, sellers and mountain homeowners, without pressure. Rich content for those who are far away about what it is like to live here through the generous use of media. And some nostalgia with our, "Baby Boomers' Fun Stuff", Thanks for stopping by.

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Wednesday, December 10, 2008

The Anomalies of 2008 Property Taxes

A few days back USA Today visited the anomaly of falling home values and rising property taxes. It turns out that property tax revenues have risen by 3.1% in 2008, despite double digit declines in home values.

In fact, according the the U.S. Bureau of Economic Analysis, property taxes have not fallen since 1934. The bottom line here is that sure, statutes prevent inordinate rises in property taxes during boom times, and we like this. But state legislatures provide safeguards against falling revenue in times of bust, which we don't like.

This was actually a topic that was hot in some of our local neighborhoods over the summer. We provided some resources for relief at the time, and a few handy links for conducting an appeal.

State and Local Governments
It's no secret that state and local governments across the country are short of revenue. In November, The State Department of Public Instruction informed local school boards that something like $58 million would need to be turned back to state coffers for just these reasons.

Our suspicion is that successful appeals will become more difficult. Still, the evidence suggests that simply checking such basic items as square footage, number of beds, baths, and so forth can often yield a surprising number of errors by local assessors, and small victories by you.

Some relief is better than none.

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Black Bear Realty Website
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1 Comments:

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