Property taxes are calculated based on the appraised value of a home. House values tend to change over time, however, meaning that the lower the value of the home the lower your property taxes charged on the home. Unfortunately, having your property taxes reduced takes more than a downturn in the local home market. Based on how your county assesses your property, the appraised value may not fit the market value of the home. If you’re certain the value is lower than the appraised value, there’s recourse. You are able to oppose the evaluated value, insisting that the true market value of your home be used. It can be a time-consuming process, but the results can save you thousands per year.
Call the county tax assessor’s office to determine the most time you have to contest an assessment after getting it. All appeals must be filed before the time frame runs out.
Contact the county tax assessor’s office and ask for the information used to appraise the value of your home. Get as much detail as possible, including the method used to make the previous assessment and the property card belonging to your house that lists the fundamental details of your property lot and the arrangement. Check these details against your actual house to ensure that all of the information listed is accurate.
Confirm the market value for your home. Check recent real estate sales in your area for the selling of homes in the general area of your residence with the same basic makeup. Use a real estate agent to gather the revenue information. You will want from five to 10 comparable home sales to make a good case on actual market value. The agent will charge you a fee for your info. Go to the homes and shoot pictures to back up your claim that they’re similar to yours.
Meet with the county assessor to discuss your findings and try to reach an agreement on a reassessment of the value of your house. The assessor can lower your property tax according to a revaluation. If you’re denied a revaluation, you are going to have to appeal in the county level.
Get the”Application for Changed Assessment” forms from the county tax assessor’s office, which are needed to ask a reassessment of your property. Write an announcement that includes the specifics of the homes you investigated for market worth. Include a copy of the house pictures from the announcement bundle. File the forms, including the announcement and pictures, with the appropriate service, usually the local appeals board or county board of equalization.
Await the assessor’s investigator to investigate the reasons put on in your announcement. Allow the investigator to analyze your premises. If a hearing prior to your board is necessary, then prepare a short presentation with the information collected to encourage your objections to the assessment made. After the investigator explores the property and reports the outcome, you should receive a note of the results by mail concerning your claim of overvaluation. If the claim is approved, your tax will return. If it’s denied, you can appeal to a higher jurisdiction.
Contact your state’s department of taxation for the forms needed to submit an appeal of the county’s decision. The kind of appeal you will need to record is a”reduction in Value Appeal.” Complete the forms and file them with the state board of equalization. Work with the state tax office to investigate your claim and await a potential acceptance of your claim.
Maintain a lawyer and go to court to seek redress in the event the condition appeal fails. Find a lawyer who will do the job for a fee based on the amount of money you save from the reassessment, if possible. Have the property assessed by an independent assessor as well to encourage your situation. Present your proof before a judge to receive a last decision on the reassessment.