For additional perspective, see 5 steps to slash your property taxes at MSN.com.
Finally, I have thought two situations where reducing the appraised value of our house may not be a good idea.
- Selling the house in the near future. The appraised value will be available for prospective buyers to use in determining what price to offer. However, we plan to live here for a while and this is not a concern for now.
- Refinancing. The revision may affect the value for loan purposes, since reducing the value will reduce the equity. For us, this probably won't be an issue since we will still have 30% equity even at the lowest appraised value.
I plan to complete and submit our documentation in February, 2009 and hope to have a favorable decision within a few weeks after submission.
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This is not financial, real estate or tax advice. Please consult a professional advisor.
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