The most important thing to remember is that it is not what your property is worth today, it is what the assessed value was on December 31, 2007.  I have had several calls, and Caroline in my office was on the phone all day yesterday talking to clients concerning the tax notice.

Another point to remember is that if the tax values are down, the county just adjusts the millage, which is the figure they use to give you your tax bill.  If you received an email from me yesterday, the example property had a market value of $632,000, a capped value of $415,000 and an assessed value of 24,950.  This is not what the taxes will be – this amount will be multiplied times the millage which varies from area to area. 

I did receive an email from a client yesterday who said if tax values are down, that he assumed that the county would raise the millage – he is absolutely correct.

I personally feel that what the county needs to do is to take a hard look at spending and cut everyone they can and try to figure out a way to cut at least 10% out of the budget.  I know governments don’t like to do this, but real estate companies and other companies have to do it, and we are all doing it now.  It is hard, but we manage to do it and other do too.