Will my taxes ever go down?

if a property's value decreases each year, the State Equalized Value (SEV) will eventually meet the Taxable Value. The Taxable Value cannot exceed the SEV. When this happens, decreases in SEV will cause decreases in Taxable Value, which will then lower your property tax liability. Due to the gap between the SEV and Taxable Value figures, it would take several years of depressed market conditions to make the SEV and Taxable Value equal. If you happen to be a property owner who purchased a property in the last few years and you have decreasing property value, the SEV and Taxable Value figures could meet sooner than someone who has owned the property for a long period of time.

Show All Answers

1. Property values in my neighborhood have been decreasing. Will my property valuation be decreasing as well?
2. Does that mean I would pay more property taxes instead of less?
3. Why won't my taxes decrease if my property value is going down?
4. Will my taxes ever go down?