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#2: Property Taxes are Coming Down

Although most of us would prefer that our home’s value went up and up, there is a positive side if your real estate’s value has dropped — lower property taxes.

When your next property assessment comes, look carefully at the value assigned by the tax commissioner. Does it make sense? If prices in your neighborhood are off by 10-15%, then your assessment should drop, too. A lower assessment should result in lower taxes.

If something doesn’t look quite right, check your assessment for information on how to challenge it. There’s a limited window of opportunity to make your challenge, so pay attention to the details. (Check out Are Your Property Taxes Too High? for the exact steps to make a challenge.)

Next: #3: Haggling is Back!