In the Northeast, home sales and reductions in appraised values are declining for existing home's for sale inventory.  This trend,  if it continues, should translate well for those seeking to find lower priced comparables inorder to  challenge their property taxes.  If one recently bought a home in the higher ranges, the incentive to engage in a property tax apppeal is increased by the availability of lower priced comparables. 

Home sales should generally level-out and remain at historically high levels, according to the National Association of Realtors. Existing-home sales are projected to drop 6.0 percent to 6.65 million this year from a record 7.08 million in 2005. New-home sales are likely fall 10.9 percent to 1.14 million from the record 1.28 million last year – both sectors would see the third best year following 2005 and 2004.  Full story

Most people do not challenge their property taxes, in fact, less than 2% do.  Finding good comparables and utilizing a definative guide is a must for challenging your property taxes.  A good guide is definative in mapping out the areas one can make deductions as well as percentages to employ for those deductions.  Also the presentation format is extremely important to the eyeballs that read it.