If your expenses just went up alongside the perceived value
of
Good news for those facing eye-popping property
taxes: You can fight city hall, or whichever government body sends you this
annual economic albatross,.
The knowledge that as many as 60% of properties in the
U.S. are assessed at a higher amount than their current value, according to the
National Taxpayers Union, should give homeowners some solace,
or at least a little encouragement as they try to knock that appraisal down a
bit (or a bunch). If you're looking to lower those property taxes, here are a
few things to try.
Understand
what you're dealing with
It's important to note that while appraisals are generally
based on a combination of local tax rates and assessed property value, they are
not necessarily accurate on a house-by-house basis, Unless the government has a
drone that's been spying on the inside of my house (they don't, right?), I'm
quite sure they are unaware of how badly I need new floors. And a cooktop. And
window coverings. In order to sell my home for what they've appraised it for, I
would need to do some updating and repairs. Most of us would, and that can help
if you're planning to dispute your appraisal.
Request Your "Property Tax Card"
Few homeowners realize they can go down to the town
hall and request to view (or receive a copy of) their property tax cards from
the local assessor's office. The tax card provides the homeowner with
information the town has gathered about the property over time. Here you'll find information about your lot size, exact room
dimensions, fixtures, and details about any improvements that may have been
made over time. Find any errors? You may have just discovered the key to
lowering your taxes.
As you review this card, note any discrepancies and
then raise these issues with the tax assessor. The assessor will either make
the correction and/or conduct a re-evaluation. This tip sounds laughably
simple, but mistakes are common. If you can find them, the township has an
obligation to correct them.
Hire a professional
For many, the surest bet when fighting increasing
assessments is hiring a lawyer, property tax negotiator, or consultant. Keep in
mind, though, that you'll be paying for those services—anywhere from one-third
to one-half of the money saved if the taxes are lowered.
Fight it yourself
If you plan to do it on your own, you need to prepare
yourself:
Hire a professional
For many, the surest bet when fighting increasing
assessments is hiring a lawyer, property tax negotiator, or consultant. Keep in
mind, though, that you'll be paying for those services—anywhere from one-third
to one-half of the money saved if the taxes are lowered.
Fight it yourself
If you plan to do it on your own, you need to prepare
yourself:
·
First, locate your assessor's office.
This will help you find out precisely how the property tax calculation is
derived and get their criteria for home appraisals.
·
Fight it in person. According to experts,
this is the most effective way to dispute your appraisal. Emails are often
ignored or requests flat out refused. . Gathering comps from your real estate
agent that outline recent sales for similar homes in your neighborhood is key.
Taking pictures of areas of your home that need repair or aren't in
"selling shape" to illustrate why the higher appraisal number is
inaccurate can also help.
·
Put Zillow to use for you. Zillow's Zestimates are usually low, but in this case, that
might help bolster your case. Zestimates for your home and similar homes in
your area showing lower than the appraised amount? Print out those pages and
add them to your file.
·
Network.
If your community is active it a good source for discussions and information about property taxes and appraisal disputes. Using
social tools like this can help you get to know what your neighbors are up
against and find common solutions specific to your neighborhood. It may also
help you find someone to help guide your dispute.
·
Do
some reconnaissance. Neighbors with the same floorplan across the street have
a pool? Make sure to mention that in the file you're putting together. Know
who's redone their kitchen? Note that as well. What many individuals
don't realize is that in many cases, information about other home assessments
in the area is also available to the public, . You
can often find discrepancies that could lower your taxes. For example, let's
say that you have a four-bedroom home with a one-car garage, and your home was
assessed at $250,000. Your neighbor also owns a four-bedroom home, but this
house sports a two-car garage, a 150-square-foot shed and a beautiful swimming
pool. Despite this, your neighbor's home was valued at $235,000. If an error is
found, it pays to bring it to the assessor's attention as soon as possible so that
you can get a reassessment if necessary.
·
Pay attention to the timeframe
Filing an official protest has to be done within a certain
timeframe. You don't want to miss out on savings because of a missed deadline.
Most municipalities differ, with some towns
stipulating that you only have 14 days from the time of your property tax
assessment to appeal, and some may go as high as 60 days, Your town's tax appraisal office will have the deadline
information.
