So your home is worth less now than it was last year. Why not file the appropriate application with the tax assessor’s office to request a reduction in property taxes based on this decline in value. The video link that follows will serve as a good starting point to help you understand the steps you should take. For those who are purchasing a home where the property taxes are based on a higher assessed valuation than the purchase price paid for the property, the same process will apply once you become the owner of record. The contract of sale will serve as an important piece of additional documentation in this process. Check out this informative video by clicking here.