The sale dates of the comparable properties you choose must precede this assessment date. If the annual assessment date is in October and your appeal is scheduled for August, you must have sales comparables dating before the October assessment date for the preceding year to be valid, otherwise your evidence will not be accepted. For years, assessments rose in line with soaring house and property prices. Property prices later leveled off or began dropping when mortgage interest rates shot up. Now in the 1999-2001, mortgage rates are the lowest in decades, and prices are holding steady or edging up.
Labor markets are tight and economic demand for housing is steady.
Because of the changing housing market, assessments are changed every 6 to 12 years by municipalities through use of a mass or blanket appraisal. Some municipalities forgo the mass appraisal and simply roll over old assessments. Unlike income taxes, where rules change from year to year, property tax calculations do not change and do involve the same methodology year after year. Appraising the value of your home is the basis for a house tax reduction. Contact the municipal authorities or the local tax assessor for printed material on how to challenge your taxes.