During the last few years of economic downturn, property values have decreased significantly. As a result, many of us have been paying too much in property taxes. Each county automatically reassesses property periodically for tax purposes, however the time frame from county to county can vary greatly, possibly leaving us to over pay property tax for a year or longer. According to the National Taxpayers Union ( ntu.org ) up to 60% of property is overassessed and our tax bill too high. At a time when every penny counts, here’s how you can lower your property taxes.
Call Your Hall
If you feel your property taxes are too high, call your city hall or town hall and ask about your county’s grievance process. The process varies from county to county and is the official appeal of the county’s on-record value of your home. Some counties even have the information and necessary forms right on their websites.
The grievance forms will require basic information such as how much your house’s current value is and how much three comparable nearby houses are valued at. Mellody Hobson of Good Morning America says that this information can be found at your local municipality. Check your town’s website for recent house appraisals too.
If You Need An Updated Home Appraisal
When attempting to lower your property taxes, an updated home appraisal may be needed to prove your house has de-valuated. Since there are so many scams out there and the numbers have to be perfect, it’s imperative to hire a professional appraiser. Hire one who is verified as being licensed by the National Association of Independent Fee Appraisers or by the American Society of Appraisers, according to Mellody Hobson . Your mortgage lender or real estate agent will be a source of good information regarding properly licensed appraisers. And make sure your county’s property tax assessment office will accept outside property appraisals before paying the out-of-pocket expense of between $150 and $350.
After Filing A Claim
After you file a claim to lower your property taxes, you may have to attend a hearing. You can attend the hearing alone or bring an attorney or your property appraiser. Due to the influx of people filing claims to lower their property taxes in recent years, expect the process to take several months before coming to fruition.
Sources:
National Taxpayers Union
Mellody Hobson Good Morning America
My Own Experience