Many home owners pay too much in property taxes; but they could fairly easily get them lowered if they knew the secret to lower your property tax.
Recent statistics show that 60% of home owners who challenge their assessments get them lowered.
And they don’t need a lawyer.
The secret to getting your property tax lowered is to know how the system functions.
The local tax assessment office asses a value to your home, which is typically a fraction of market value.
So a $250,000 house may be assessed at only $125,000, and the owner may think he’s getting a bargain tax rate.
But then, the assessed value is increased by multiplying assessed value by an “equalization ratio”, which is determined by the State and applied statewide or throughout a tax district.
If the ratio on a $250,000 house assessed at $125,000 is 2.75, the homeowner is being taxed on a house value of $343,750 without even realizing it.
To lower your tax, you will have to show that the equalization ratio is wrong for your home, and try to get it lowered.
Do as follows:
First, establish your estimate of market value by comparing actual sales of similar homes in your area.
This will usually produce a lower valuation for your home.
Sale prices are a matter of public record at your local deed recording office.
Second, list all the information in writing to present to the tax assessor. Include adjustments between your home’s value and recent selling prices due to location, size, conditiion, etc.
If you recently bought your house, the bank performed an appraisal before issuing a mortgage.
Get a copy and if it’s lower than the tax assessor’s opinion, use it to show you are overassessed.
Third, go to the tax assessment office and ask to see the worksheet used for valuing your home.
You have the right to s ee this document.
Check it to see if it correctly describes your home, land, zoning, public services, number of bathrooms, garage, dimensions.
Check the mathematics. Look for clerical errors.
The assessment of the worksheet should match the amount on your tax bill.
Fourth, hire your own appraiser, telling him you need it for a Real Estate reduction appeal.
Tell him anything that you think would lower the value, such as leaks, radon, general deterioration in the condition of the house since the last assessment was made.
After you have your facts go to the assessor’s office and tell the assessor what reduction you want and why.
Calmy present the facts.
If you have a good case, you will probably get an adjustment.
If you don’t, ask for a hearing with the local board of review.
About: I’m the author in residence of RuralMoney.com bringing you the best of my knowledge, skills, abilities, tips and resources. Unfortunately, I am also a person with disabilities. I have severe Rheumatoid Arthritis. I love to share what I know and practice to help others survive and thrive in rural areas. Thank you for your support.
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