Property taxes are a necessary part of homeownership that provide funding for a wide range of public services. Unfortunately, assessments are often flawed and homeowners find themselves overpaying their property taxes as a result. This is why it’s important for property owners to understand how to appeal their tax assessments when necessary.
When a homeowners receive their annual property tax assessment, they usually have the option to appeal the assessment if they believe it to be too high. An appeal requires more work, but doing so can be beneficial for homeowners if they can prove that their assessment is too high. The details of how to appeal vary by state, but the process typically involves homeowners submitting a formal request to the assessor to have their assessment reduced.
If a homeowner decides to appeal their property tax assessment, they should be prepared to provide evidence to the assessor to support their claim. This could include proof of similar properties that have been assessed at lower rates, recent market value appraisals of the home in question or other supporting documents that prove their assessment is too high.
Gathering Necessary Documentation for Your Property Tax Appeal
In order to make a successful appeal, homeowners must include a range of documents that support their claim. This includes any paperwork related to the purchase and sale of their home, along with newer documents or appraisals that better reflect the current market value of the home.
Homeowners can also bring in comparable properties in the area that have recently been assessed at lower rates if they are able to provide evidence. It is important to make sure that the comparable properties have similar characteristics to the home being appealed and that the market values are somewhat close to each other.
Speaking with Your Local Assessor or Tax Authority
Speaking directly with a local assessor or tax authority is a great way to determine what needs to be provided in order to make a successful appeal. These officials have a better understanding of local property values and can offer advice on how to proceed when filing an appeal. It is also beneficial for homeowners to be familiar with their state’s regulations on appeals as each state has their own set of guidelines.
Once all of the documents have been gathered and an appeal has been filed, the assessment board or tax authority will review the evidence and decide whether or not to reduce the property tax assessment. This process can take some time, but eventually an outcome will be reached and the homeowner will receive notification of the decision.
Be sure to follow up with the assessor or tax authority if an out of date or incorrect tax assessment is ever received. Understanding the appeal process can greatly reduce the financial burden that property taxes can have on a homeowner.
Property Tax Appeal Checklist
- Recent market value appraisal of the home
- Proof of purchase and sale paperwork
- Comparable properties with lower assessments
- Proof of local market values
- Formal appeal
- Proof of any personal financial hardship
Conclusion
Appealing your property tax assessment can be a lengthy process that relies on the accuracy of the documents provided. However, doing so can be beneficial for homeowners who believe their assessment to be too high. Following the appeal process can be the key to reducing financial strain and paying the correct amount of property taxes.