Every year, you will receive a property tax assessment since it is part of being a real property owner. Your reaction when you see your tax payable will likely be frustration because it just keeps increasing every year. You want to protest it but either you don’t know how or you’ve been unsuccessful in your previous attempts.
Regardless of your feelings about it, you should avoid acting rashly! You shouldn’t rush to the tax office and demand to see the supervisor, for example, since the consequences won’t be to your advantage. You should instead take these three rational steps so your chances of paying decreased property tax will increase.
Take a Closer Look at the Bill
When you open the annual notice of assessment and tax bill, you should do so with an open mind. You will then be able to take a closer look at these documents with a rational mind and, thus, make smarter decisions. You should ask yourself, “If I were in the shoes of the tax assessors, what will I see about my property?”
By doing so, you will gain a better understanding of the largely subjective methods that tax assessors use in determining the assessed and fair market values of real property. You can then play their game, so to speak, and win it!
Keep in mind that tax assessors make an estimate of your property’s fair market value, or the monetary amount that it can be sold in an arm’s length transaction, based on a wide range of factors.
- The unique features of your property including its lot and floor areas, the number of rooms and bathrooms, and amenities
- The property’s curb appeal and other exterior features
- The price of comparable property in the neighborhood or area
- The updates and improvements made on your home
- The educational, industrial and commercial facilities in the surrounding area
You should consider these factors and their influence on your property, perhaps make a list. You will find that the tax assessor made numerous mistakes in his assessment.
Consider Filing a Property Tax Appeal
If you believe that the amount on the tax bill is significantly different from your expected tax burden, you may want to consider filing an appeal. While it can be a fairly lengthy process requiring paperwork, among others, it’s well worth it since your tax burden for the current year and succeeding years can be lower.
Work with a Tax Expert
Of course, you can file an appeal on your own. But if you want better chances at actually winning it, then you should work with a tax advisor whose expertise lies in property tax appeals. You will find that he’s your champion, not to mention that you can delegate most of the preliminary work to him.
The preliminary work includes researching comparable property values, gathering the paperwork and filing the appeal, as well as making the arguments during the hearings. You will also have the benefit of a tax advisor who will provide advice on getting more tax savings.
Conclusion
There’s little need to be frustrated and flabbergasted about the annual notice of assessments and tax bills that come your way, year in and year out. You have to deal with these matters as a responsible and rational taxpayer. Your best courses of action include checking the accuracy of the assessments and working with a tax expert in case of a property tax appeal.
Let Fair Assessments, LLC become your partner in winning your appeal. With more than 30 years of experience, we’re in the best position to do so.
