Homeowner Guide to Lowering Your Property Tax

Sep 5
07:06

2008

Matt D Murren

Matt D Murren

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If you feel like the property assessor has appraised your estate for too much, do something about it. Did you know that less than 2 percent of h...

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If you feel like the property assessor has appraised your estate for too much,Homeowner Guide to Lowering Your Property Tax Articles do something about it.  Did you know that less than 2 percent of homeowners bother to challenge the assessed value of their home.  If the other 98 percent realized that about six out of ten homes is in fact marked up too high upon evaluation, they would step up to the plate as well.  In any case, you don’t have to just roll over and accept an unfair sounding property tax assessment—you can get it lowered if you’re willing to commit some time and effort to it.

Know that there different methods of assessing a home (and from such, the amount of tax you owe the IRS).  One person may base their numbers by approximating the price of reconstruction.  Others may base on the sale value of properties with similar features.  They may use an entirely different approach.  The only way to know is to ask.  Find out who handles the property assessment in your state—it varies depending on where you live.  Sometimes the state handles it, but in other states (like North Carolina), it’s handled at the county level.   The property tax in North Carolina is a locally assessed tax, collected by the counties. The state Department of Revenue does not send property tax bills or collect property taxes.The property tax in North Carolina is a locally assessed tax, collected by the counties. The state Department of Revenue does not send property tax bills or collect property taxes.And while you’re visiting, be sure to ask to see a copy of the property card on your home.  Then go over it carefully and be sure everything is accurate and in order.

If you want to get the appeal process rolling, you better act fast.  In all 50 states, you’ll have 60 days to challenge the amount.  Before starting, be sure you form your argument well.  Don’t just go in and say you think the appraiser doesn’t like you.  Have solid evidence.  Show the value of similar houses in the neighborhood.  Be sure to come with no less than half a dozen examples.  And be sure to show your findings to the assessor first.  He or she may agree that they were in error, saving you both some time.  Just do it with a professional mindset instead of a shouting match.

Should your case go as far as the appeal, once you’ve filled out the necessary form and sent it (hopefully certified mail), you’ll wait for a hearing.  Assuming you don’t win, you still have some recourse if you’re serious about this thing.  You can take it through state appeals and court if necessary.  If it goes that far, it’s time to transfer your strategy and let an attorney help.  You may find a list of property tax lawyers online or in the yellow pages.

 

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