Due to the economic downturn, the market value of your home may have fallen, perhaps substantially. Your property tax is based on your home's fair market value as determined by your County Tax Assessor. Since counties are not required to reassess homes annually, the current valuation may not reflect your home's current market value. If that is the case, you may act to update your valuation. The annual deadline to question your home's property value is ending soon.

Is your Home Over-Valued? Here's how to update your property's tax value to reflect today's value. By April 1st, you must file a Real Property Tax Return in the county where your property lies. Filing a property tax return will trigger a re-assessment of your property. The Tax Assessor will review your proposed valuation, determine if an adjustment is warranted, and mail you a Notice of Assessment reflecting any changes. If you are satisfied with the re-assessed value, no further action is required. If you are not satisfied, you have the right to appeal. Specific instructions concerning the appeals process will be included in the Notice of Assessment. Tell your friends and business colleagues about the April 1st deadline.