Check the Internet, newspaper, real estate listings, etc. to see if the market values of properties in your area have come down. You can also check tax records at your City or Town Hall for valuations around your neighborhood.

If your believe that values indeed have come down, then contact your local tax assessor about re-evaluating and lowering your property tax assessment. Be careful, however.

If in fact your property values haves gone up since your last assessment, you could end up being assessed a higher value.