How To Appeal Property Taxes
The National Taxpayers Union, estimates that almost 60 percent of taxable property in the United States is over-assessed. But despite the growing tax bills, only half of homeowners file dispute on their assessments.
Supposed to be when home values fall, so do property tax bills. However, it may not happen automatically unless you battle your way to prove your home’s assessed value warrants a tax reduction.
Property tax systems vary from jurisdiction to jurisdiction, that is why it will be useful to visit your local jurisdiction to learn more about the system, the rules, and your rights.
Today’s increased incidence of foreclosures and slow sales make it obvious that home values are down in many locations. This is especially true for homeowners who have purchased their houses at the peak of the housing boom. Consumers bid up the price of the property which has caused it to artificially inflate its price. This might cause your property tax to inflate as well.
Another common problem that leads to higher tax is non other than clerical error. You can review your documents to see if any of these common problems appear in your document.
* Inaccurate description of your property
* Comparable houses in the neighborhood that have lower property tax
* Value reducers in your area, including drainage problems, heavy traffic, nearby railroad tracks, freeways, industry or toxic waste around the area.
* Applicable depreciation factors such as age of the house, type of materials used, deterioration, and major problems in the house or area.
You can do the petition either with the help of a professional or you can also opt to do your own investigation since your local jurisdiction has all the information you need to appeal your property tax assessment. All the information and process is free of charge. You may choose to avail the help of professionals but before you do so, you must consider carefully if the case is worth the cost to appeal.
In either way, when you examine your account, there are certain things you must consider. It makes a big difference if your house was bought during the housing frenzy. An overpriced property is equivalent to an overtaxed property. Make sure to recheck your tax record. Scrutinize possible errors in the report. For instance, an incorrect age, square footage, and other descriptive factors could needlessly raise up assessed value. Computation varies from each jurisdiction, know how your tax was computed and do the math!
Once you discover irregularities in your assessment, it’s time to build your case. Complaining about how those excessive tax dollars are spent won’t help you get anywhere. You need solid evidence. Remember that assessments can be appealed on two grounds: a mistake in the assessment of your house or an assessment at a higher rate than comparable homes.
If you believe that your assessment is too high, then contact your assessor’s office and try to arrange a one-on-one meeting. Sometimes simply pointing out the facts can be enough for the assessor to lower an assessment. Just bear in mind that when you meet with your assessor, it is a negotiation. You may still end up with a high property tax but lower than the original appraisal. If in case you do not reach your desired agreement, you can take your case to the board. Ask the assessor what the deadlines are to file a protest and what the procedure is. Be prepared before the hearing. Gather all your evidence and organize them to make it easy for the officials to understand your argument. It may also be helpful to sit on somebody’s hearing before your scheduled date. In case the board did not favor your appeal, you can always go to the court, but this will usually cost a lot more than you can save.
