Get ready to fight the Appraisal District.

In many neighborhoods, property values are sinking. But property taxes? Many of us are still paying like it’s 1999.

Homeowners across the country are starting to realize that property taxes, which are supposed to be based on property values, are not sinking as fast as they should be. Your municipality is not likely charging you more out of spite - even if property tax hikes sometimes feel that way.

Here’s what’s happening: To be more efficient, most local governments only appraise your house every couple of years. On the years they don’t physically look at your home to decide what it’s worth, they base the assessment on the assumption that home values will increase marginally from year to year.

Your property tax appraisal report should arrive in the mail soon. If the assessed value looks high, challenge it. If your challenge is successful, you will realize a savings of a few hundred dollars off your tax bill.