Now that there has been a downward turn in the market that indicates some residential properties are losing value will I receive a reduction in my value?
A. That depends on your Assessed Value versus your actual market value. Remember that your assessed value has not kept up with the true current and correct market levels due to the cap. Your residence could receive an assessed value decrease once the current and correct market levels fall below your assessed value. Depending on many variables especially the amount of time you have owned your home will have a large effect on when you may experience a reduction in your assessed value.
