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All depends on the state. Here in Texas it was not a big deal for me. I refinanced in Dec 2008 so when I protested in 4/2009 I had my HUD and appraisal and they lowered it with no hassle.
Texas also has binding arbitration, so if you don't like what the appraisal district says, you can file for a third party to determine the value. I've been an arbitrator since 2005, and cases have definitely gone way UP this year over last...
Be aware that some townships/counties are no longer considering challenges because everyone is in the same boat.
If and when assessed values decline, the multiplier ( tax rate or whatever it is called in your local area) increases to give the local municipality the funds they need to maintain schools, parks, libraries and so on. Most municipalities also have significant debt servicing and underfunded pension plans to contend with.
Having said all this, do your homework and go for it. Some areas, such as my own, allow homeowners to do so, online, a facility coincidently created with property tax revenue.
It was smooth sailing for us this past year on a new build. We just went through the proper channels and sent our grievance through the mail with the appropriate paperwork requested, then the assessor came out and looked our house over and agreed with us and lowered our assessment to the purchase price we just paid. It took roughly a month. Good luck.
Our county has done the reassessment automatically.
As did ours for '09, but we were still able to contest that amount after the fact and win.
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