As my other post pointed out, most homes bought in 2005 have lost considerable value since then. Although this is bad news for most, there is a "silver lining" behind this cloud- You may be able to reduce your property taxes!!  Since property taxes are assessed based on the value at purchase, most homes are probably being taxed too high for their current value. Procedures are different for every county, but I know that in San Diego, they have an application for temporary tax reduction that you can submit. I encourage you to investigate to see if you qualify for a tax reduction- it could be thousands of dollars a year!  If you need help with home valuation to see if you qualify, we offer several services that can be of help.