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The total assessment has been adjusted on the property appraisers website in the county we live. For some homes the value for taxes went down even $ 20,000- So this property tax year we will pay less, but there will be less money for schools, police, etc.
We knew it was coming but I didn't expect it to go so much lower, so probable the sales prices will go down even more. If you look at this a lot of people won't be able to refinance their homes because their mortgages are way higher than their value., and more people will get in financial trouble.
For sellers their is more trouble I guess but for buyers it might be even better prices. Anybody has an opinion about this and is this only in the Tampa Bay area or all of the Country?
The assessed value is determined at the end of the year.
The prices have come down and the assessed value should show this.
How do you figure that the prices will come down more based on this? There is no correlating data to suggest this.
Pasco Counties taxable value actually went up $5 Billion from 2006 to 2007 and Hernando County went up $1.5 Billion. I don't have info for Hillsborough and Pinellas Counties but I am sure they went up also. This is because the taxable value is based on the prior years sales so 2007 is based on 2006 sales. (Where did you get your figures from?)
Of course 2008 numbers will show the drop that we have seen in 2007 but there is no way we can use those numbers to suggest another drop in prices in 2008.
The assessed value is determined at the end of the year.
The prices have come down and the assessed value should show this.
How do you figure that the prices will come down more based on this? There is no correlating data to suggest this.
Pasco Counties taxable value actually went up $5 Billion from 2006 to 2007 and Hernando County went up $1.5 Billion. I don't have info for Hillsborough and Pinellas Counties but I am sure they went up also. This is because the taxable value is based on the prior years sales so 2007 is based on 2006 sales. (Where did you get your figures from?)
Of course 2008 numbers will show the drop that we have seen in 2007 but there is no way we can use those numbers to suggest another drop in prices in 2008.
I'm not an expert but I the prices are still going down in 2008 and went down in 2007. I have seen hous prices go down by just looking on realtor.com, with $ 20,000 or more and later after closing see that people closed for the lower amount, that is why I think it will go down more, just didn't expect it to go down so much.
That will make me reconsider the future offers I will make.
You said the total assessment went down on the property appraisers website.
You can have you opinion of where prices are going but you gave misleading information and based a statement upon that misleading information.
Also list prices on realtor.com are really not a great indicator of what sale prices are doing.
If someone originally lists a home for $300,000 that is actually worth $200,000 and then drops the price to $200,000 that does not mean the market dropped 33% right then. All it means is they were listed to high
You said the total assessment went down on the property appraisers website.
You can have you opinion of where prices are going but you gave misleading information and based a statement upon that misleading information.
Also list prices on realtor.com are really not a great indicator of what sale prices are doing.
If someone originally lists a home for $300,000 that is actually worth $200,000 and then drops the price to $200,000 that does not mean the market dropped 33% right then. All it means is they were listed to high
What is misleading if the assessment was 1 month ago $ 20,000 higher than right now, it is public records for every one to see, that is not misleading, it is the truth.
To deny it is misleading to un experienced buyers and sellers.
Well I'm not that stupid to look at over priced homes. I compare them with actual sales (comps) and if they lower it so much than I know the market price is down. For example a similar home that I own in a very desired community was listed for $ 259,000 whcih is already way lower than the market price, later it was listed $ 199,000 !! and off the market in 1 day with a lot of offers. I know you are going to say that is not a normal case, but there are many more like that.
What is misleading if the assessment was 1 month ago $ 20,000 higher than right now, it is public records for every one to see, that is not misleading, it is the truth.
To deny it is misleading to un experienced buyers and sellers.
Well I'm not that stupid to look at over priced homes. I compare them with actual sales (comps) and if they lower it so much than I know the market price is down. For example a similar home that I own in a very desired community was listed for $ 259,000 whcih is already way lower than the market price, later it was listed $ 199,000 !! and off the market in 1 day with a lot of offers. I know you are going to say that is not a normal case, but there are many more like that.
Pasco Counties Taxable Value for 2006 was $25,892,656,671, for 2007 it was $29,694,615,944. Assessments do not change monthly.
While one home's value may have gone down $20,000, you implied that the counties total assessment went down and that is just not true.
You also based your opinion that prices will drop further this year on the drop in assessment.
If you were to utilize some verifiable data to back up your claims I might not have a problem with it but being that I know the assessed value for 2008 will not be posted until Jan. 2009, I am going to say something when someone states an assessed value went down last month.
That the assessed value is reduced does not necessarily mean that property taxes are reduced. In many areas, the multipliers assigned to those values simply increase to offset the loss in assessed value.
First, theres a difference between and appraiser and an assessor.
Second, if the total assessment for a town goes down, then the tax rate has to increase to make up the difference (assuming that the total expenses for the town didn't go down). ie... if the Total taxable value of a town is 500 million dollars, and the total expenses for a town is $1 million dollars the tax rate would be $2 / thousand of assessment. If the total tax assessment for the town decreased to 400 million, and you still spent $1 million, the rate would be $2.50 / thousand of assessment.
The assessed value is determined at the end of the year.
The prices have come down and the assessed value should show this.
How do you figure that the prices will come down more based on this? There is no correlating data to suggest this.
Pasco Counties taxable value actually went up $5 Billion from 2006 to 2007 and Hernando County went up $1.5 Billion. I don't have info for Hillsborough and Pinellas Counties but I am sure they went up also. This is because the taxable value is based on the prior years sales so 2007 is based on 2006 sales. (Where did you get your figures from?)
Of course 2008 numbers will show the drop that we have seen in 2007 but there is no way we can use those numbers to suggest another drop in prices in 2008.
Maybe you should read this article!
Home Tax Values To Drop 8%
By JULIA FERRANTE The Tampa Tribune
Published: Feb 13, 2008
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So this property tax year we will pay less, but there will be less money for schools, police, etc. 
