Do my taxes decrease if my property value decreases?

Answer

Your property taxes, in theory, should decrease if the value of your property decreases. Typically, jurisdictions assess taxes annually. That means your property taxes should fluctuate from year to year.

Taxes can go down

If the assessed value of your property increases, you can expect your taxes to increase as well, and the opposite should happen: if your property gets a lower assessment, your taxes should go down. However, your jurisdiction might change the tax rate to pay for new schools or parks in the area, for example, meaning that you might pay even more.

View mortgage rates in your city

Challenge your taxes

If your property value decreased and your taxes didn’t, you can challenge the assessment. About 20% to 40% of people who challenge their tax bill win, according to Kiplinger.

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