Propety Taxes Too High? Appeal your Value

We all know that property values have decreased in the last three years. Check your property taxes. What is your assessed value? Higher than the house two doors down that just sold and it is just like yours? You can appeal you assessed value. Here is how:

Read your assessment letter. An assessment isn't the same as a private appraisal, and the assessed value of your home isn't necessarily how much you could sell it for today. Real estate assessment letters are mailed to homeowners annually, or sometimes every two to three years, depending on the county you live in. Your property tax bill will be calculated by multiplying your home's assessed value by the local tax rate. This can vary from county to county.

The letter will include the assessed value of the home as well as other information such as lot size, number of bedrooms, year built, total square footage, etc. If you think your home's assessed value is higher than the actual value make sure you challenge it immediately. Generally you have 30 days to challenge the assessment.

First, make sure there are no errors. If your lot is .3 acres and the tax assessor states you have 3 acres, that is a big difference. If you have 3 bedrooms and the assessor says you have 5 bedrooms that can be challenged and will result in a lower value.

Next, research the value of your home based on recent sales of similar homes in the same area. You can ask your Realtor to provide you with a Comparable Market Analysis. I have completed numerous CMA's for clients which they then used to challenge the assessed value on their home. If you need a CMA, email me with the information and I will be happy to complete one for you.

Once you have completed your research contact the county assessor. I just googled the county government's assessor's office. Telephone the assessor. Sometimes they will listen to you present your case over the phone. Other counties may ask you to come into the office and complete forms. Pay attention to deadlines and follow instructions when completing the forms. If you are not satisfied with the outcome you can always appeal which takes about 2-3 months.

I just contacted my county assessor to challenge my assessed value. They connected me with an appraiser who first asked me the address. Immediately she knew they had already adjusted the value. It took her about two minutes to tell me that the new assessed value would be very close to what I believed it should be. So my next tax bill will be considerably lower.

One more way to save a little money. Any questions about this process, contact me.