Like stocks and bonds, you don't lose money on your house unless you sell it. If you buy a share of stock at $200 and it drops to $150, you haven't lost a dime unless you sell at the lower price. Hang onto the house and keep current.
There isn't much you can do with the county about 2009 taxes but when you receive a notice for next year's taxes you should really consider disputing the value at the county. I think you will find however that you will pay about the same amount as before anway. If the county's house are suddenly worth less the county isn't going to just start spending less, they will may lower the overall values but will raise the rates to keep revenue about the same. You should still fight it though.
You should be able to get an application for a tax abatement form your assessors office. The previous posts are correct with you have to pay on what you borrowed, if you can not make the payment anymore than you should call your bank and ask for the home retention department and see what they can offer you to modify your loan,. Your interest rate is already very low. Good luck with working things out
There is good advice here. I’m not sure I can add to it, but I do have my concerns about the current assessed value situation. One thing to consider is that assessed values have always been behind market values. Of course, when market values were going up at a much higher rate than assessed values no one ever complained about paying lower than appropriate taxes!
It seems to me that the county budgets are not going to change, so as market values fall and assessed values decrease, won’t the counties have to adjust the mill rate so that they take in the same amount of property tax revenue? Now, when values, market and assessed, rise again will they lower the rate or will we be paying the higher rate on a higher value? Does anyone else get the idea that the government always wins?
My 2 cents,
Your mortgage is just a loan. The bank made a loan to you. The reason you have to pay it back is because you promised. If you don't, they can take your house, sell it, apply what they get to the balance of your loan... and then, while you don't live in the house, they can sue you to pay them the rest of the money you still owe them.
It's just like a car. You buy a car, perhaps you get a loan. You wreck the car... you still owe the same thing for the loan.
It's too late to renegotiate the price of your home. You bought it 4 years ago.
You make a valid point about the assessment... I would follow up on the advise below.
Below is the link from the county assessor's website.
They also have phone numbers to call for assistance.
There are many people in the same boat, so I would try to file an appeal.
If you need help I would contact a local Realtor for the comparable sales you'll need to back up the appeal.
Good luck! Don't waste time.
Assessor 's Office
A-2103 Government Center
300 S 6th St
Minneapolis, MN 55487
Office hours: 8:00 - 4:30