tag:blogger.com,1999:blog-12749985.post913277708828498966..comments2024-01-02T07:27:20.576-06:00Comments on Evansville Observer: Should Evansville be forced to reasses all property due to valuation decline?The Evansville Observerhttp://www.blogger.com/profile/13781214756297623080noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-12749985.post-58390578556676695892010-10-19T14:51:41.066-05:002010-10-19T14:51:41.066-05:00Nice explanation. Thank you.Nice explanation. Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-12749985.post-49191962080657145752010-10-12T20:40:54.449-05:002010-10-12T20:40:54.449-05:00If some kinds of properties had value declines gre...If some kinds of properties had value declines greater than other kinds of properties (e.g., if houses had a greater value decline than commercial and industrial property) or houses in some parts of the city had value declines greater than in other parts, the answer to your question might be "yes." If that were not the case, revaluing all the houses would cost the city a lot of money and have absolutely no impact on property tax bills. The property tax process starts when the taxing authorities determine their tax levies, which are dollar amounts, not rates. The rate is determined by taking the total amount of the levies and dividing it by the total value of the properties in the city. If values of all the properties in the city decrease by the same percentage, and the taxing authorities keep their tax levy amounts the same as they would have but for the property value decrease, then the only result is that the rate goes up just enough to balance out the decrease in value.<br /><br />Bill Connors<br />Former Evansville City AdministratorBill Connorshttps://www.blogger.com/profile/18064310806843223898noreply@blogger.com