[RP TownTalk] taxes

[Lou King]

ABragg7393 at aol.com wrote, On 7/23/2009 2:43 PM:
> I'm not a tax expert, but I believe that properties are assessed every 
> 3 years.
As was explained to me by another jurisdiction this years tax assessed 
value seems "really high" because of when assessments are done and when 
the real estate market tanked.  In that case assessments were done 1st 
quarter of the 08-09 fiscal year (Sep-Dec 08); the market dropped 
Jan-Feb 09; now the tax bill arrives Jul 09 reflecting the Sep 08 value 
of the house.

Of course if you tried to refinance after the drop, the value the bank 
sees is much lower than the tax value which is based on last years 
market.  With a 3 year cycle the difference is even more pronounced. The 
assessment could have been done in 07, with the 08 and 09 taxes based on 
the 07 value, all of which has nothing to do with what the market did 
the end of 08 or in 09.

Now does anyone want to guess what will happen if the market goes backup 
quickly? You would think the tax value would lag a year on the way up 
just as it did on the way down.  We will see, but I wouldn't bet on it.

Lou King