Since Ben Franklin coined the phrase, "nothing is certain but death and taxes," individuals have been trying to prove otherwise with little success. While there is no arguing the inevitability of both situations, there are ways to fight the power especially for home owners struggling with high property taxes despite declines in home values. Courtesy of the mortgage meltdown national home values have declined an average of 25 to 30 percent. In several cases, home owners are entitled to property taxes adjustments reflecting the housing value declines.

What Are Property Taxes

Mortgage Marvel, the industry's leading mortgages rates origination tool, defines property taxes as "Taxes based on the assessed value of the home, paid by the home owner for community services such as schools, public works, and other costs of local government. Sometimes paid as a part of the monthly mortgage payment." Property taxes paid are funneled to both federal and state governments. The amount due will vary based on the assessed value or a sale prices of a home and the percentage levied by a particular community.

Generally, property taxes are assessed by local government jurisdiction every three years or longer. Because of the time period, many home owners are still paying exorbitantly high charges as there properties were last assessed during the market's peak, in 2005 and 2006. According to the National Taxpayers Union up to 60 percent of properties are over assessed or on the books incorrectly as being of higher value (ABC.com). For home owners still dealing with the financial imbalance of paying high property taxes on a devalued home, sweet relief from lowered property taxes may be looming on the horizon.

Legal Reasons for Appeal

While it may be tempting to just start giving the government less cash for property taxes, there are legal steps that must be implemented to make it happen. There are several basic approaches for homebuyers proving their case in order to qualify for lower property tax charges:

• Proof of Decline: For home owners who have watched their property values decline since the real estate bubble burst and can prove that fact a new assessment can lower property taxes.
• Proof of Pace: Regardless of if the home is a condo or a single family detached financed with a jumbo mortgage, if it has not kept pace with the local market there may be a case for tax reduction.
• Proof of Error: Assessors may opt to conduct their job via a drive-by inspection method. The method can cause inaccurate estimates of bedrooms, home improvements and home amenities. Home owners that can a mistake has been made can have the property taxes scale tip in their favor.
• Proof by Comparison: If a home owner can prove that similar neighboring properties are equal in value but taxed at a lower bracket, compiling property-tax records to prove the case will work wonders.

Property Tax Appeal Process

No matter the reason being made in regards to property tax adjustments, filling out paperwork and documenting the plea is the first step. Consumers need to conduct a virtual search and find either their local assessor's office or Web site. The department responsible for establishing the value of a property for taxation purposes is the best resource for finding out how a consumer may be able to lower them. The public assessor will let home owners know what forms to fill out and the length of time associated with the local appeals process. Typically, they have the authority to review and approve the legal tax adjustments.