Reduced Property Tax and Depreciation?

I reduced my property tax due to recent real estate decline. Can I depreciate it as a owner? If so, how do I calculate it? What if the property is rented out? Can this be added to the regular tear & wear depreciation?

Public Comments

1. No, you can't use the depreciation in your house's value as loss in your taxable income. The value you lost is on paper until you actually sell the home for a loss. But, you still would have money from the sale. So, you had an increase in your income, not a decrease, even if that increase is less than what it would have been 3 years ago. The reason you were able to decrease your tax basis on your property taxes is because the tax you pay is based on the assessed value of the home. Since that went down over the last couple years, you were able to get your house reassessed at the lower value. But, it has nothing to do with any "loss" you took because of the declining value.