Its not a stupid move. Do it. You have nothing to lose. You'll have to find three comparable sales to your home in a specified date. (Call your assessor and ask what period of time they are looking for to grieve taxes). Then find the comps that have sold within that period and submit them to your assessor.

Yes, it will be wise to get it lowered if they are basing it on a value that is not realistic.

Usually, I have heard, you need to do your research and present them with documentation showing other homes similar to you and their current market value. Hopefully, that research will show you your value is lower than they are using.

But don't go in empty-handed.

This fact sheet provides an overview of the types of information you need to have in hand when you make an informal appeal of your valuation.

Here is a link that might be useful: Property Valuation Appeals

Thanks for your responses! I've made the appointment. Do wish me luck. Just wondering: are other people's taxes rising like crazy? I do know, of course, that it is county/city specific, but sheesh! No wonder people can't afford to live in homes anymore. . .

Would you sell the place for the tax assessment?

Many places claim 'market value' but still lag behind to prevent a lot of appeals.

Marita, I couldn't tell from this article if a computer glitch is affecting the valuations for taxes payable in 2011 or if it is just affecting the 2010 tax statements, but this story (linked below) may be pertinent to your situation.

The two major factors affecting property taxes now are the Governor's unallotments of aid to cities and counties, shifting municipal government costs previously paid by the state unto the property tax, and the devaluation of business property and some housing, which shifts taxes onto properties with stable values and those not declining as much.

Here is a link that might be useful: Ramsey County property tax computer glitch

Assessed value may not be the same as market value even in jurisdictions that claim assessments are based on market value. Here's an example of why this is.

My neighbor down the street had his assessment appealed when our state switched over to market based values. I attempted to do the same but they didn't receive my appeal in the mail (lesson learned, take it in). So the county accepted the neighbor's appeal which ended up being shockingly low ($37K below our assessment). I finally got around to appealing our assessment for a second time and took it to the assessor's office in person. I used my neighbor's house down the street as my only comparable because our homes are identical, were built at the same time by the same builder and on similar sized lots, and because his assessment is the lowest in the neighborhood for our type of house (I looked them all up). I also submitted our refinance appraisal as evidence, although I really didn't have to. This appraisal was $24K below what our county said our home was worth.

I'm sure my appeal put the assessor in a bind. There was no way he could deny the facts about our homes being identical. He was not the assessor in charge when the neighbor's appeal was accepted (elected position). So he just split the difference between our refi appraisal and the neighbor's assessment.

The net result was that our home's assessment dropped $30K and our taxes dropped about $300/yr.

County assessments are not just about what you home is worth on the market, instead, it's really about what other similar homes in your area have been assessed for. It not right, but homeowners in many places have to force the county assessor to lower their assessment in order to bring parity with their neighbors' assessments. No county assessor wants to be accused of favoritism, which is illegal.

Best of Luck with the appeal.