Every bit helps when it comes to saving your home.  According to a recent article in the New York Times, more homeowners are utilizing tax appeals to have the value of their homes reassessed in the hopes of reducing their annual tax bills.  Gus Kramer, an assessor in Contra County, California, explained, “These people are desperate.  They know their home’s gone down in value.  They’ve watched their neighborhoods being boarded up.  They literally stand in there and say:  When can I have my refund check?  I need to feed my family.  I need to pay my electric bill.”  One homeowner, Joylette Lynch, lives in a two-bedroom house which was valued close to $280,000.00 three years ago.  Other houses in her area are now selling for less than $100,000.00, but her tax bill has remained the same.  She knows that saving money on her tax bill may not keep her out of foreclosure, but the savings could still help.

According to the article, more counties are being forced to acknowledge and adjust their valuations for the declining property values, noting that “their property tax revenue is falling for the first time since World War II.”  Lakewood Township, N.J., is setting aside $2 million in their budget to pay tax refunds to homeowners whose properties were overvalued.

The housing bust has affected entire communities.  Even if you haven’t lost your home, your property values are affected by the other homes on your block.  Contesting your tax bill could help you save some money over the course of the year.  When looking at ways to save money, it never hurts to look under every rock.  For many people, just tightening the belt and looking for ways to save is enough to handle the current financial crunch.  However, for others it’s just enough to help keep their heads above water.  Their homes are still at risk of foreclosure, despite their best efforts.  If you are at risk of foreclosure, talk to a bankruptcy about your options and when it is best to exercise those options.  Current bankruptcy laws won’t end your obligation to pay your mortgage, but the process will give you breathing room so that can get back on track through repayment options.  It also evens out the playing field when you have an advocate on your side, instead of dealing with a mortgage company on your own.  Don’t wait until the foreclosure sale to know your options.  If your home is at risk, contact a qualified bankruptcy attorney.