Oklahoma City Metro's Real Estate Blog

    I was reading through the Realtor.com Magazine this morning and I came across this article.  It talked about a question that comes across my desk more frequently these days.  I thought I would attach the article here for my clients review.   

    Property taxes continue to rise across the country, despite steep declines in home values.

    Property tax collections across the United States rose 3.1 percent this year, according to the U.S. Bureau of Economic Analysis (BEA). That means state and local governments will collect more than $400 billion in property taxes this year—a record amount.

    Most states have caps that prevent taxes from rising rapidly in boom times. The same laws keep taxes from plummeting when home values decline.

    "Property taxes aren't always popular, but they are a very stable tax, even in tough times," says Thomas Gentzel, executive director of the Pennsylvania School Board Association.

Source: USA Today, Dennis Cauchon (12/04/08)

    It made me reflect on the last year.  Over the last year, I have been contacted more frequently by individuals requesting a Current Market Analysis on their home, due to increases in property taxes.  They want this Market Analysis so that they can then speak with the Oklahoma County Treasure about the possibility of lowering their Real Property Taxes. 

    Apparently, this is a national problem also. I have not heard back from anyone as to a successful reduction, but one will never get an answer if one doesn't ask.  Give me a call at 405-315-7965 with any questions.

Written by: Josh Barnett