When your real estate market and house values in your area are falling, it time to appeal for a reassessment on your property from your local tax assessor. Nationwide, over half of all homes are over assessed when it comes to calculating property taxes. It’s not fair for you to be paying more than your tax obligation.
You may need to follow tax grievance procedures to cause your local tax assessor office to lower your home assessed value.
Research local housing markets. Find out the sale price of recently sold houses in your neighborhood. Get an appraisal. Appraised value is an objective evaluation of fair-market value. This will be a great indication of whether your house is over assessed.
For tax purposes, assessed values are often lower than fair market value and should never be higher than that.
Each year, your County Tax Collection or Assessor’s office send out real property tax statement. If your a new homeowner or didn’t get a statement, many counties now have this information available online through their websites. You’ll probably have to take a trip down to the tax assessor’s office and you can ask for a copy there.
Grieve your taxes by filling out the appropriate forms from the local designated office. If you recently purchased the house, have your HUD-1 Settlement Statement from your closing and the bank-ordered appraisal. Ask tax assessor office print-outs of nearby comparable houses that are assessed lower than yours. Provide your real estate agent’s comparative analysis report of recently sold houses that support your case.
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