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Tags: finance, property tax, lower your property tax
 The Associated Press did a recent study that showed that over 80 percent of homes across the country are paying too much in property tax. This has major financial consequences for homeowners hit hard by the current economic crisis. The things is, even while the housing market has been on the down turn, with property values tumbling left and right, in local property tax rolls, the assessed values of people’s realty remain at an all time high.
This is because local jurisdictions to realty assessments only once every three or more years. As a result, many still carry the assessed value of their homes from back in 2005 or 2006 when the housing market was still at their peak, which in turn means higher property tax now.
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But there is a solution—you can lower your property tax by appealing the assessment. And you’re not alone—thousands of homeowners across the country are applying for property tax reduction so they can get something out of this real estate breakdown. It’s not that difficult to appeal an assessment and you can do it yourself if you’re inclined to.
You can also hire an attorney and a real estate appraiser but it can cost you a couple of hundred dollars. The thing is you can file your appeal at any time, although to make use of it for the current year you may have to file within a specific time after you get your property tax assessment—usually within 60 days.
And while the appeal may be successful, the county can always increase the levy rate that you pay to make up for the loss. You can start by finding evidence that your local assessor made a mistake in evaluating your home. I also recommend comparing your home with similar ones within your area, especially if they have a lower assessment value than yours.
If you can find more than a few similar homes with lower assessments than yours you have a strong chance of winning. And you’re going to need as much proof as you can since winning a property tax assessment appeal requires you to show evidence to your local levy appeals board that your home assessments are based on outdated or inaccurate information that does not reflect current economic realities.
If you want online assistance there are a number of sites that offer assistance, many for free. For a small fee you can also get forms that you just print out, already filled in with the information you provide. This information along with those you can get from your local real estate agent can help you in your appeal.
However, there may be drawbacks in the process, one of which is you may wind up with a higher assessment if you forgot that you did additions and/or improvements in your home that was not recorded in the records. Let me say this as a final thought, there is no guarantee that you will win your appeal.
But you’ll never know unless you do, and for all you know, it can save you hundreds if not thousands in saved money.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
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