|Published: 8:47 AM, 06/05/2013
||Last updated: 8:48 AM, 06/05/2013
Author: Michael Thomason
Source: The Monroe County Advocate
MADISONVILLE-It's always been a given
that, as long as you take care of it, the value of your house will
increase. But all that changed with the housing market crash in 2008
and Monroe County is now seeing the fall out from it.
Monroe County Property Assessor Mike
Shadden recently sent out 30,000 cards telling residents and
businesses what the value of their property was for tax purposes.
Most went down.
"I've been here since 1988," Shadden said, "and this the first time I can recall property values
ever going down."
Property values are reassessed every
five years and they usually see an increase of 3-5 percent on an
overall basis. In 2013, they dropped 13 percent.
"The housing market was booming in
2008," Shadden said. "We've now had five years of dropping
values and this reflects that."
What will this do to the tax rate? Shadden said that's not known yet, but tax rates tend to increase
if property values drop.
"By law," he said, "a county or
town can't bring in more money through property taxes than the year
before without officially increasing the tax rate. They can't do it
through a reassessment. If property values drop, meaning tax income
will drop, they'll have to increase the tax rate to match what was
brought in the previous year. But since the property value dropped,
you'll probably pay the same taxes as the year before. Very few
people will see a tax increase."
See full story in the Wednesday, June 5, edition of The Advocate & Democrat.
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