With property values taking a major dive in the housing market, experts say you may actually be able to cash in on the decline of your home’s appraised value.
According to Muskingum County Auditor Debra Nye, as your home’s value decreases, your property taxes could go down putting more money in your pocket.
"We have a review process. Our appraisers go out and review that particular parcel. And then if they are satisfied with the review that we have done, then we make any adjustment if we make any adjustment at all," says Nye.
207 cases were filed for the 2009 tax year and 72 percent saw reductions in their property taxes.
"For 2011, we are anticipating the same amount for 2010. We had less than 1 percent file a complaint against their property value in 2010 so we are anticipating hopefully that number again in 2011. "
So far, 34 cases have been filed with the County Auditor’s Office since January 1st. If you are interested in getting your home’s value appraised, you can visit www.muskingumcountyauditor.org.