The amount you pay as property taxes for your home depends on certain important factors. One of the important factors determining your property tax depends on the assessment and calculations of the value of your property. This is usually determined by the local assessor’s office. However, often, these valuations or calculations can be wrong. This is especially so, due to the various current economic changes. What this means is that uncovering these mistakes on your property assessment could help you to lower your property taxes!
A good way for lowering your property taxes is to find out when and how the local assessor valued your home. Read along to learn more on what you could do to lower your property taxes.
To begin with, look for any mistakes in the assessment or valuation of your home. It is not uncommon for individuals to feel that their property assessment is too high for the present market. You may suspect the same as well. If it is true, then you need to immediately look into the matter as you may be paying a higher property tax as a result.
You can consider that your home has been overvalued if you think your home is more modest than most homes in your neighborhood. If there has been an increase in the number of foreclosures in your neighborhood recently, then it is quite likely that your home is overvalued. This is because foreclosures tend to drive down the value of homes in the neighborhood.
Once you have done this, it’s time to look into assessment appeals. In order to lower the property tax on your home, you need to first file an appeal for assessment of your property taxes with your county’s office of the assessor.
Your chances of succeeding with the appeal will increase if you can clearly demonstrate that your property has been inappropriately assessed. Gathering evidence towards this will serve you well.
You can always contact the local assessor’s office to get hold of the information pertaining to your home. Look for useful information such as the value of similar homes in your neighborhood. Also, check if the number of bedrooms listed on your property assessment is correct. If the number of bedrooms stated in the assessment is incorrect, it could be significant in lowering your property taxes. However, you do need to be cautious about cash strapped counties looking to increase their revenue by increasing the property tax. This could put a dent on the saving made on your appeal for a reassessment of your property value.