Time to Ask for a Reassessment?

For homeowners who purchased at recent peaks, it may be time to ask your local property tax authority for a reassessment. This is especially true for homes in very pricey areas such as Santa Clara County in California, as well as locations where home prices have tumbled greatly such as Florida. Most communities have a different appeals process, the best way to find out how the reassessment procedure works in your area is to call the local government office. A number of homeowners land up saving hundreds if not thousands in property taxes simply by filing some appeals paperwork.

Taxes Are Reassessed in Housing Slump
http://www.nytimes.com/2007/12/23/us/23tax.html?_r=1&th&emc=th&oref=slogin