How To Lower Your Property TaxesSeptember 21, 2011
Are you spending too much on property taxes? Statistics show that as much as 60% of American homes are over-assessed, and according to the National Taxpayers Union (NTU), only 3% of homeowners ever challenge their home’s assessment. This is unfortunate, because nearly 40% of assessment appeals are successful. With the recent changes in real estate, your home may be overvalued and it might be worth your while to challenge your assessment and save on property taxes.
Filing for an appeal is fairly straightforward, but it does require some detailed legwork and in-depth knowledge of how the process works. The NTU offers a downloadable brochure called “How to Fight Property Taxes” on their website at www.ntu.org that covers the petition process from beginning to end. But you may want to hire an appeals professional to do the work. You can either use a web service like ValueAppeal at www.valueappeal.com or work with a local professional who specializes in assessment appeals in your area and who is familiar with your local government’s unique way of operating.
If your home is assessed above the values of comparable properties in your neighborhood, you may be paying too much in taxes. A successful assessment appeal could save you thousands over the years to come.