Can I Lower My Property Tax?
Some of our readers asked: My house is worth less today. Can I get my property taxes lowered?
The simple answer is it won't be easy. Many local governments are hurting for cash, so property taxes are likely to be increased as they seek ways to raise more funds.
The first step is to double check your assessment letter. Such letters are usually mailed to homeowners on a yearly basis. This assessment is conducted by the local government - not a private appraiser - and the value given in the appraisal is not necessarily the current market value.
One of the most important details in appealing a property tax appraisal is getting in under the deadline. Most municipalities give home owners less than 30 days to file an appeal once they receive their assessment letter.
Start building your case by checking for any discrepancies in your appraisal. The size of the lot might be wrong, or it might be the number of bathrooms. If there are any factual problems, start with those.
Next, you need to figure out the actual market value of your home. You can work with a real estate agent, use one of the many real estate websites available or hire a private appraiser. You want to find three or more properties that have sold recently and are very similar to yours.
The last step is to actually present your case to the county assessor. Once you've done that, it will take between one and three months to receive a written decision.
If the review does not go well, you can choose to appeal to an independent board. This process can become extremely time-consuming. If you reach this stage, you are more likely to see a reduction in your assessment.
The simple answer is it won't be easy. Many local governments are hurting for cash, so property taxes are likely to be increased as they seek ways to raise more funds.
The first step is to double check your assessment letter. Such letters are usually mailed to homeowners on a yearly basis. This assessment is conducted by the local government - not a private appraiser - and the value given in the appraisal is not necessarily the current market value.
One of the most important details in appealing a property tax appraisal is getting in under the deadline. Most municipalities give home owners less than 30 days to file an appeal once they receive their assessment letter.
Start building your case by checking for any discrepancies in your appraisal. The size of the lot might be wrong, or it might be the number of bathrooms. If there are any factual problems, start with those.
Next, you need to figure out the actual market value of your home. You can work with a real estate agent, use one of the many real estate websites available or hire a private appraiser. You want to find three or more properties that have sold recently and are very similar to yours.
The last step is to actually present your case to the county assessor. Once you've done that, it will take between one and three months to receive a written decision.
If the review does not go well, you can choose to appeal to an independent board. This process can become extremely time-consuming. If you reach this stage, you are more likely to see a reduction in your assessment.
Labels: Real Estate, Tax
posted by Quark @ 5:34 PM
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