The value that the taxman assigns your home in terms of property tax can be trimmed down by appealing. This assessed value of the property will be what the tax authority uses to determine the amount of tax that you need to pay. If you want to appeal your property tax, there is a process that you need to follow in order to be successful.
Read The Assessment Letter
Periodically, local governments will asses all the real estate that they tax and send you a new assessment via the post. This assessment letter will have information about your property such as the lot size and the legal description of the property as well as the assessed value that will be used to calculate the tax you pay. Your property tax will generally be calculated by multiplying the assessed value by the local tax rate which varied depending on where you live.
If you think that the assessed value in the letter is too high, you need to challenge this immediately. You will generally have less than 30 days to appeal the property value. The procedure to do this will be outlined on the back of the letter and will usually have 5 steps that you need to take.
Check The Data
The next step that you have to take in appealing your property tax is to check the data. The information in the assessment letter which details your property will need to be carefully looked at. You should ensure that the number of bedrooms is correct and that the lot size is correct. A simple error such as the lot size being 3.0 acres instead of 0.3 acres can make a huge difference.
If there is anything in these details that is incorrect, you need to make a note of this. When these facts are incorrect, your appeal process will be much easier. You will also be more likely to be successful with your appeal and see some reduction in your property tax.
Get The Comps
Comps is real estate jargon for other comparable properties in your area which have recently been sold. To get this information, you will need to speak with a realtor. They will have access to this data and will be able to compile the data quickly.
If you do not want to hire a realtor to do this, you can use online resources. However, it is important to note that the information you get online will be approximate values. If you are willing to spend a bit of money on this process, you can also get a professional valuation of your home.
Once you have this data, you will need to look at the value assessments for these properties. Local governments will generally have a public database that you can use. If your local government does not, you will need to hire a realtor to help with this. You should check if the assessment of these properties is the same as your own and if they are not you may have grounds for an appeal.
Present Your Case
Once you have all of your research, you will be able to resent your case with help of best tax lawyer. You can do this by calling your local assessor’s office. Most assessors will be open to discuss your property assessment informally during this call. If you are not satisfied with the explanation provided to you, you can ask for a formal review.
When it comes to this point of the process, you need to be careful with deadlines and procedures. There will generally be a form that you have to fill out and instructions for the support evidence. The review will generally not require you to be present and could take between 1 to 3 months to be concluded. The decision will be sent to you in writing.