You love your home, but something you aren’t in love with is how much your property tax costs. Your property tax is based on the assessed value of your home. That assessment determines how much tax you’ll need to pay.
Can you lower your taxes? Yes, if you get your home reassessed at a lower value. If you think you’re being charged too much, then you should consider appealing the bill. Here are three reasons you may want to appeal.
- Your assessment letter states your home or lot is larger than it is
To start with, when you get an assessment letter, check to see how big your property is listed as being. If any information about your property is incorrect, challenge the bill immediately. Every taxing authority sets its own timeline for appeals, so it’s best to do so as soon as you can.
- The savings would really add up
For a small discrepancy, you might think it’s too much trouble to appeal the bill. However, if you live in an area with a high tax rate and have overpaid hundreds of dollars, it may be time to look into appealing the bill.
- Your home is taxed at a higher rate than comparable properties
Finally, look at how much your property has been valued compared to homes of similar styles and sizes. Comparable properties should have similar taxes. If you find that you’ve been overpaying in comparison to nicer homes in your neighborhood, you may have a solid case.
If you want to appeal your property taxes, then you may want to reach out to your real-estate attorney.
