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Rambling thoughts on who knows what... Because not everything is as the conventional wisdom would have it... BLOGS I SORT OF LIKE... Volokh Conspiracy ProfessorBainbridge MarginalRevolution Patterico Powerline Ace Wizbang JustOneMinute XRLQ Betsy's Page HE WHO USED TO LINK ME EVERY NOW AND THEN InstaPundit Email Steve
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Wednesday, February 25, 2009
Bad news.... getting news that your property is assessed lower than it was last year. Even though you don't plan on selling your house any time soon, it is still a bummer to see that the value has dropped all the way back to 2007 levels.
Good news... realizing that this means your property tax is going to go down. Lower assessment = lower property taxes. And even though it will take some time for the mortgage processor to make their adjustments, there should be a nice reduction in coming months. Bad news... finding out Fairfax County plans on raising the tax rate by, just coincidentally, the exact percentage that your property dropped in value, resulting in absolutely no savings or other silver lining from your property going down in value. Worse news... realizing that when property values recover, say by the 12.5% that they just dropped, that Fairfax County has no intent of rolling back the rate hikes... leaving you in a position of paying even more in property taxes than you did when the property was previously assessed at that level.
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