Unfortunately, most of us have seen a decline in the value of our personal residences since the peak of the market in 2007.  The bad news is the property tax bill from your municipality does not reflect this decrease in value.  The good news is there is something you can do about it.  The link to the attached article from the Wall Street Journal gives homeowners a complete guide to challenging your property tax assessment and thereby reducing your property taxes.

http://online.wsj.com/article/SB10001424053111904070604576514573303531678.html?mod=WSJ_Taxes_MoreHeadlines