Tax Appeals May Prove BeneficialThursday, January 22nd, 2009
Is the time right to appeal your taxes since home prices are declining? I think that if home prices in your area are declining so should your assessed value which will adjust your taxes lower. Today, many homeowners must face the realization that their homes are worth less than what they once thought. Homeowners do continue to pay taxes on higher assessed values until they have their assessed values adjusted. A smart strategy is to do a tax appeal and get their taxes lowered.
Assessments are put on properties based on market value of closed sales in the area. Assessments are not done every year and usually are done every 10 years. Realistically, property’s assessments will never be 100 percent of market value. You can find out if you are a candidate for a tax appearl by contacting areal estate professional or appraiser to determine the current market value of your home. If it is out of line with your assessed value you should do a tax appeal.
Tips: Meet with your tax assessor and request a complete copy of the home’s tax records. Look at the comparable sales listed on the property record card. Tax appeals are done once a year, usually around April 1st.
For more information on appealing your taxes, please contact me.