Lower assessment = lower home owner insurance premium?
My state has significantly lowered my home value assessment from last year which seems to be the same with my neighborhood and and probably for the most areas of the state I’m living in due to the declining real estate market. Everyone knows actual market appraisal will always be lower than government appraisal because government taxes you on inflated value of property.
Insurance companies also know that, and they should have access to changes in appraisal because that is public info.
My question if government changes your home appraisal, can that be a ground for lowering you home insurance premium for any portion of the policy period that falls within the new effective government appraisal period?
Froufrou: You are correct. Home values have been declining, but tax bills have been getting fatter each year. Government needs and relies on YOUR money to stay in business.