Don’t wait for that next
property tax bill – it’s time to appeal now!
Most
property owners don’t consider an appeal of their property tax
assessment until they receive their tax bill and are blindsided by the
increase. The problem is that once the bill comes, it’s too
late. Appeals are based on assessments, and the governing
authorities (usually counties) provide you a short window in which to
file for an appeal. The amount of your tax is calculated on
the
assessment and the size of the tax levies.
Unless the
assessor performs a wholesale re-assessment for all properties in their
jurisdiction, it’s up to you to make sure your property value is
correct. Even when the assessor does change your valuation,
in
many cases, their value is incorrect.
“An overvalued, over
assessed property is one of the most common and successful grounds for
challenging your tax bill,” according to Eric Cunliffe, senior vice
president at www.RealEstate.com.
As we all know, real estate
prices have taken a hit in the last few months. Undoubtedly,
valuations will be down. Unless a county-wide reassessment is
in
the works, your value will likely be higher than it should.
Even
if the county reassesses all their properties, that doesn’t mean their
tax levies will stay the same. In fact, they will likely
increase
– to make up for the reduced overall valuation of all properties – such
that your total tax bill will be even higher than before.
According to the National
Taxpayers Union,
as much as 60% of all properties are assessed at higher amounts than
their true value. There are numerous clerical mistakes as
well
according to the American Homeowners Association.
Look for the tell-tale signs of assessment errors:
Don’t
let hundreds or even thousands of dollars slip away. You can
take
on the appeal process yourself, without the need of a lawyer.
On-line resources including Property
Tax Appeal Guidelines
show you how to appeal your property assessment in a simple,
step-by-step manner, including a “how-to” video to walk you through the
process.
Be diligent, be prompt – and you can beat the tax man!
Michael Korbe