Homeowners should prepare to contest their property tax bills in January.

According to a CNN article (Oct. 14, 2008), county tax assessors aren’t likely to have updated valuations for 2009 -- so even if home values have dropped, your tax bill might not: “many assessments won't reflect any of the steep home price declines that have been making headlines for the last year or so.”

“Once homeowners get their bills, they'll have several weeks to contest their assessments," according to Bruce Hahn of the American Homeowners Foundation.

“He suggested they go online to real estate evaluation sites such as Trulia or Zillow to determine how far property values have fallen in their communities. They can also cite comparable home sales for similar properties to make their cases.”

http://money.cnn.com/2008/10/10/real_estate/lower_home_prices_same_taxes/index.htm?postversion=2008101417

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