Best Way to Lower Your Property Tax
About 60% of residental homes are overassessed, yet only one in 50 home
owners challenges their property tax assessments. What's more, many Americans
don't realize that they may be entitled to exemptions that could result
in a reduction of 5% to 20% of their bills. Unfair or inaccurate assessments
happen for many reason. Here's how to appeal your property tax assessment-and
win...
Obtain your detailed property tax assessment record card from
your local government's tax assessor's office, and review your property
description. Look for defects that were omitted-such as proximity to noisy
streets or traffic-and inaccuracies in the number of rooms and square footage.
Ask the assessor's office to provide comparable property prices (and assessed
values) in your community so that you can be sure your home is
not being overtaxed. The Freedom of Information Act and "right-to-know"
laws entitle you to any and all information relating to your property assessment
lists...zoning maps...property tax exemptions, such as those for veterans,
the elderly and disabled and low-income home owners...etc.
If you believe your assessment is inaccurate, ask the assessor's
office in writing to lower it. If the request is denied, you will need to
do through a formal appeal. Ask for a list of procedures and deadlines.
In caes of highter-value homes, you might want to hire an attorney if it
becomes necessary to go to court.
Reprinted from BottomLine Personal, August 1, 2005