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Many homeowners complain property taxes need more frequent reassessment

April 7, 2010 - Tax season has left many real estate owners with high property taxes, as many communities have not reassessed home values since the economic downturn, ABC News reports.

Although property values have significantly decreased over the past few years, many homeowners are still paying taxes on the amount their home was worth before the market collapsed. Many states reassess the taxable value of homes every few years, leaving many owners - particularly those in the areas that were hardest hit the recession - with unfathomable bills.

Residents of Nevada and Connecticut have been especially impacted by this technicality, as home values in the Silver State have plummeted and homes in the Constitution State reassesses taxable values once per decade.

Consequently, many individuals who feel they are paying unfairly high taxes are launching initiatives to rally local tax assessors, and some frustrated homeowners are even choosing to appeal their tax bills. The National Taxpayers Union estimates that between 30 and 60 percent of real estate owners are overassessed each year, according to the news source.

The average homeowner's tax bill is 2.85 percent of their total household income, according to the Retirement Living Information Center.

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