There is a simple way to fix this problem if it is affecting your budget. You can dispute the assessment of your home and win. Across the country municipalities are being inundated with appeals from homeowners asking to have their property taxes reduced.
The Appraisal Institute reports that many towns are reluctant to honor these requests because they are unable to obtain the revenues from other sources.
In order to win your appeal, your case must be airtight. The following tips are important to success in getting your appeal granted.
-The assessor of every municipality will reevaluate property values at specific time periods. This occurs usually every 1-3 years. Where reevaluations take place every 5-10 years, assessments tend to be adjusted on an annual basis according to market factors.
-Tax appeals may be filed in any tax year. Typically appeals should be filed within thirty to ninety days. If your taxes are paid through your escrow you may obtain a copy of your statement from the offices of your municipality.
-In some areas of the country the assessment of your home must be off by a minimal percentage. Place a call to your assessor's office to learn more before you file your appeal.
-Become a super sleuth. Verify the accuracy of the official property record on file for your home. Errors are not uncommon. For example if the record states that your home has three bedrooms and you actually have two, you can see your taxes lowered immediately. You can gather comparable information on similar properties in your area by using the Internet. Sites like Zillow.com can offer a wealth of information. Or, if your have a realtor for a friend, enlist their expertise. Seek out homes within one mile of yours that sold within a two-month timeframe from the area's most recent assessment. Don't include foreclosure sales. Collect no more than 5 good comparables to support your appeal. Lastly, visit your assessor in person and have a polite discussion with them regarding your appeal. By establishing a pleasant and positive rapport, the need to file a formal appeal may be avoided.
-Pay all your balance due if your appeal is pending and will not be heard until after the due date of your taxes. You can always receive a refund if your appeal is granted.
-Consider "sitting in" on an appeal hearing to learn how the proceedings unfold to better prepare you for your own.
-If after having tried your best and your appeal is denied, consider taking your appeal to the state level if the amount you believe your are being overcharged exceeds two thousand dollars. (This type of appeal will more than likely require you retain the services of a property tax attorney.)
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