Paying taxes when your home has lost most of it's value

**Darlene** · 01-20-2012, 08:24 AM

We will be getting reassessed but that doesn't effect the taxes that have already been levied. Since the bill has been passed we now wait to see if local government opts in and gives tax relief for those who's homes have lost 50% or more in value. They have until the 23rd, just days away. Hopefully they will opt in. We will be paying the taxes and not go into foreclosure but want to wait out this first. By not paying them right away we in our own way are letting them know we don't think it's right to be taxed on what you don't have. I know I'm repeating myself so I'll stop, lol.

I wrote this is to bring the situation to light. This can happen to any one of us. Is it fair to the person who lost everything or most everything? No. Is it fair to the other taxpayers that in the end are the ones picking up the slack? No. Life isn't fair, so you deal, somedays you deal better than others and yesterday when I started this thread it wasn't a good day.

Mostly though, I'm just letting off steam. This is just another thing people who have to deal with once they have lost so much and it really really stinks. I'm tired of the whole thing.
Thanks for listening and I'll let you know how things work out.

**mndtrp** · 01-20-2012, 12:28 PM

I was under the impression that a decent chunk of your home value was actually the land value itself. Even if your entire house was gone, that doesn't mean people shouldn't be taxed anything. Even something like 20% seems low.

If it was me, I would do what Greebo suggested.

**pinecone** · 01-27-2012, 12:06 AM

First of all hugs to you and everyone going through this.
Here the town puts a lien on the property after one year. After 3 years they can have a tax sale and you lose the property. It sounds like you are trying to sell the property?? See if you can file an abatement. You will need documentation on other's property's values so see if your realtor can gather this info. Check the file dates.

piney

**bonnotsm9** · 01-27-2012, 02:21 PM

Originally Posted by mndtrp

I was under the impression that a decent chunk of your home value was actually the land value itself. Even if your entire house was gone, that doesn't mean people shouldn't be taxed anything. Even something like 20% seems low.

If it was me, I would do what Greebo suggested.

Once the land has been flooded it loses a good chunk of it's market value. Fewer people are going to buy land that has flooded and potentially could again.