How to Appeal Property Taxes

If you believe that you paid too much for your home, or that your home’s value has significantly decreased since you bought it, you may be able to reduce your property taxes. To find out whether or not you qualify for a reduction in property taxes, follow these guidelines:

  1. There are different tax appeal guidelines for each locality (usually county). Do research on the guidelines for appealing property taxes in your area.
  2. Usually there are restrictions on when you can appeal your property taxes. You can find information on timelines on your local tax assessor’s website.
  3. If you are currently eligible to appeal, your home’s value will be reassessed, and your taxes may increase, decrease, or stay the same, depending on the current market value of your home versus the market value when you bought it.
  4. You must present a case showing that your home’s current market value is less than the assessed value.
  5. Your case must contain proof (i.e. a comparative market analysis report) that shows that your home’s value has been assessed too high. You can also look at data on similar homes that have sold within the last 6 months (find this on real estate listing sites).
  6. You must prepare an estimate of your home’s current market value that includes the research you did on homes in the area.
  7. Next, you must fill out certain forms (found on your local tax assessor’s website) and submit required documents.
  8. In some places, you may have to appear in front of the assessor and explain your case.
  9. If the assessor does not accept your appeal, you also have the right to appeal their decision.
  10. You can contact your local tax assessor’s office for more information on the appeal process.

Read the original article on Inman news here.

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