Property Value decrease?

Question

Greetings,

I have a question on property value. Last year the property I am at was valued at 185K. This year it is valued at 179K. What would be the reason for the decrease? Is this public information I can get from the City?

The area I live do have new development, but it is across the highway from me not directly in my location.

Thanks

Answer 1

It is based on what has sold around you.  This means your taxes go down at least.  The town can explain what happened.

Answer 2

The reason for the decrease is the market status. Everyone is going thru that. You can acctually finf out the price of your home by visiting www.zillow.com just type in your property address and it will give you an idea of what is worth. You can also consult an agent and they should be able to tell you. It is actually base on what the homes in your area has been sold for.  

Answer 3

Your property has decreased due to the housing market bubble deflating - its happening all over the country.  You are lucky that your house decreased in value because that means you will be paying less property taxes, although not such a good thing if you are going to sell.  But really, now is not the time to sell property unless it is a dire emergency - and in that case you will have to take less.  

Now my town is having trouble with housing too, but that hasn't stopped them from reassassing and upping the value of property.  Sounds like your town is trying to prevent further damage to the market.  

Call the Assessor's or Tax Collectors office.  It most certainly is public information and they are required by law to keep you informed.

Good luck, hope this helps.