If the value of your property has dropped since you have purchased it, you can request to have your property taxes lowered to reflect the change in value (assessment). Your county assessor's office has the form you need to fill out, and many counties have the form posted online.
All States and counties will have different rules and regulations so it is wise to research these before beginning the process.
Knowing the current market value of your home is essential in negotiating a favorable loan modification with your lender. Banks are far more cooperative when considering a mortgage loan modification if the value of the subject property is much lower than the mortgage loan balance. The less equity a homeowner has , the more willing and more aggressive the bank will be on modifying the terms of the current mortgage loan. If the homeowner owes substantially more than the actual current market value of the home, many lenders are even willing to reduce the mortgage loan balance as part of the loan modification process.
Be prepared to answer questions about your property and its current value. You can research the value of your property at Zillow or Cyberhomes. A full appraisal is always the best determinate of value but the cost will range from $275-$400. MyFreeLoanMod.com has found a very low cost alternative report that will arm you with all the information you need to lower your property taxes.
There are many fly by night companies that promise to lower your property taxes for you. They will explain that they have some sort of an inside advantage due to the volume of clients they process but nothing can be any further from the truth. Those companies will charge you a fee for something you could have ordinarily done yourself.
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