Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.

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Did your property tax decrease by 30%, as i understood was the rate promised?

Yep, mine was more like 40%.

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How does that work? i thought that the property tax was determined by the value of the property and since the property values are going down will that decrease the taxes that we have to pay on them?

Your county still has the same budget even if property values go down, so when values drop, if you are reassessed, tax rates (cost per $100 value) increase to compensate to keep the same amount of money collected. So dropping property values almost never result in a tax decrease. The exception I believe is in CA, where there is a tax cap, so taxes cannot be more than a certain percentage of value of your home.

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In states such as fl where property values have greatly decreased in a range of 50k-100k, how come the property taxes haven't? would we see a decrease in this year's tax bills at the end of the year?

If you don't see a decrease, and you really believe that the value of your land is being assessed too high, then you can ask for a review and they will do an appraisal on your land. This could lead to a reduction in property taxes.

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If you buy a house for less than the current assessed value will the property taxes decrease? i would like to hear all opinions but i'm really interested in ny.

I wouldn't count on the taxes decreasing - especially if you are relatively close to the assessed price. If you are way lower, you have a good case for having it reviewed, but no guarantee they will lower the assessment. Here's what I'd do, plan on paying the higher taxes and if they become lower, consider it a bonus! good luck!

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We moved into our home 7 yrs. ago and since then a little mom and pop takeout has moved next door. it is stincking up the neighborhood not to mention the lack of privacy when we step outside. do we have any rights? no one asked us about approving the resuarant to begin with.

Depends on what state you live in and their zoning laws. If you live in Texas then that is just what you will have to put up with. However, if you lived in a community with a home owners association (HOA) with specific bylaws concerning business zoning you wouldn't have the problem you have now. In your situation the county or business owner are not required to obtain the approval of home owners next to the business.

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Now that housing is some 40% off, why don't we see tax assessments decrease? let's not forget that local governments hurriedly reappraised most homes during the boom.. the cost of maintaining infrastructure did not increase when in fact, property taxes were raised to reflect increased property values, only 4 years ago. in fact, during those times, most local governments had a surplus they ignorantly spent.

In my experience local governments are the most vile and corrupt kinds of governments. They are only responsive to their friends, everybody else is just a source of income.

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In 2008, the assessed value was $23,149.

Your property tax is the assessment times the millage. If the assessment decreases and the millage stays the same, your tax will decrease. Millage is the tax rate for where you live.

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I live in a condo in sacramento ca. and i bought the condo for $120,000 with $36,000 down at 6.25% rate back in october of 2008 and my mortgage payment was 642.20 a month which included principle and interest and property taxes impounded ($125/month)with no insurance connected to escrow. now i received escrow shortage statement in the shortage amount of $871.44. they are raising my monthly payment to 811.09 now. my annual property tax is to be $2655.18 which looks too high in my opinion. the value of my condo dropped about to about 83% of the purchase price from what i researched. is my property tax just too high? will getting my condo reassessed increase or decrease my property tax? something seems wrong but i cant quite put my finger on it... any help would be greatly appreciated.. thanks the condo was built in 2005

Market value and assessed value for property taxes by the county is 100% UNRELATED. You do watch the news right? You do understand that California is financially struggling because they don't have enough tax dollars to fund the state gov't, right? So.....your property taxes are not going to go down, they will continue to increase. yours sounds right in line. IF (and that is a big IF)...your property taxes ever goes down, which is highly unlikely....it will adjust downward just like it can adjust upward. However, to be honest, $642.20 was a serious mistake on the part of the mortgage company...I knew that as soon as I read it...some things you don't need a calculator for. Yes, you are right, something IS WRONG....your mortgage company was too lazy to pick up the phone, call the tax office and get the right tax amount when it was clearly available. PS: Banks DO NOT CHARGE ESCROW FEES for taxes and insurance....in fact, most banks give a RATE DISCOUNT if you escrow taxes and insurance.

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I live in maryland, and my real estate property tax on my residential place is higher than it was before the recession. it has kept going up and up year after year in spite of the decreasing real estate prices. can anyone explain how this is possible? the house prices have dipped, and yet the tax on the house has gone up. i am paying about $5500 on a place that the state office has said is worth about $330,000. (clearly, i would have to file a tax appeal, but the state of maryland threatens perjury to make it less likely that they will accept the appeal.)

This is yet, another scam ran by governments from sea to shining sea. They do it....because, it works.... They 'assess' property according to their own little formula that doesn't have a single thing to do with actual value.... because, if they were to do that.... the value of homes, ect...going down....would drastically cut into their funding to continue operations in the manner in which they have become accustomed..... And, God forbid that they would have to cut back like everyone else, right ?? This is a blatant outright ripoff of the citizens at large It is going on in every single community in the country and, it is not likely to change...no matter what...... We are the slaves.... they are the masters.... they tell us and.... we comply..... ☼ ////

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Decrease in value? i don't understand why my property was apprasied at 351,000 and is now 247,110? not only is that dishearteing, but should i apply for this? i am very naive and ignorant to this stuff.... what should i do?

Homesteading protects you from creditors taking your residence if you owe them money. Most people would be glad their tax assessed value was lowered, because it means your property taxes will be lower. The amount you could actually get for your property may or may not be close to the amount of the assessed value determined by the real estate tax agency. The amount you could get if you sell it really doesn't matter unless you actually want to sell it (or borrow money against it).