Property Tax Appeals
You might not realize it but your home may be worth less than the local tax assessor or taxing agency believes and that could mean you're entitled to a smaller property tax bill.
When home prices rise, so do property taxes, which are tied to a home's value. Conversely, when home values fall, so do those same property taxes. However, the problem is that many taxing agencies simply wait until a property is sold or the home owner makes a significant alteration that enhances value before reassessing a property's value.
The recent housing boom frenzy caused many buyers to bid up the price of the properties and artificially inflated market values. In some markets sellers who purchased homes at the height of the boom, and must now sell, are finding they have to adjust the asking price of their home in order for it to sell. That alone may suggest the need for a value adjustment.
Experts estimate that 60% of taxable property in the United States is over-assessed and this leads to higher property tax bills.
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"Property Tax Appeals" is a reproduced publication and public service by the National Taxpayers Union. Read or download a free copy by clicking here. |
Remember, it's up to you to appeal your tax bill. The good news, as Eric Cunliffe, a senior vice president with RealEstate.com says, "An over-valued, over-assessed property is one of the most common and successful grounds for challenging your tax bill."
Valyootrends Market Condition Reports are a "Real Value" to those considering Property Tax Appeals. View a Sample Report Here
Our extensive network of Real Estate Appraisal Professionals provides quality appraisal services nationwide. If you need help with a real estate appraisal, we will provide a seasoned professional who services your local market.
For more information or to discuss your specific property tax appeal needs contact us here or feel free to use our order system.
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The complete do-it-yourself guide that takes you through all of the steps in an organized workbook fashion is available here. |