Time to update property tax assessment values Many local governments are raising their property tax rate as a means of relieving their revenue shortfalls. That couldn’t come at a worse time for most homeowners who now struggle with higher gas and food costs - higher prices for almost everything. Facing higher taxes is particularly difficult for owners having trouble meeting their mortgage payments and are worried about a possible foreclosure of their home. However, property taxes are a key source of funds for municipal governments. They account for about 40 percent of general revenue, according to the Census Bureau. It should be noted that lowering home values, including its assessed value, mean lower taxes, if appraisals are up to date. If you feel your tax bill does not properly reflect its lower value, contact your local assessor and request a reassessment. Procedures are in place to address those requests.
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