FINANCIAL ADVICE | How to Challenge Higher Property Taxes
According to the National Taxpayers Union, between 30% and 60% of taxable property in the United States is over-assessed, yet less than 5% of homeowners appeal their assessments.
Your2020 tax assessment will outline county, city and school taxes, as well as special assessments. Look online or call the assessor’s office for a list of factors used to evaluate properties and render assessments, including time frames. Compare them to your bill and make sure your square footage, lot size, number of bedrooms and baths are listed correctly.
If you can’t find the assessment rate on your statement, call the taxing authority and ask what the assessment rate is for your home’s location. There should also be directions for how to file an appeal, by mail, electronically and in person. You’ll be given a specific time and date for your appeal.
Your Berkshire Hathaway HomeServices network professional may be able to help by providing you with a comparable market analysis of similar homes sold or on the market in 2019. Choose three to five properties of the same age, size, and condition of your home, noting any differences between the homes, such as additions or other improvements.
Your estimated property taxes could be escrowed, but you might owe more. You could also owe less if any discounts available apply to you. Some taxing authorities give seniors, workforce personnel (teachers, police, EMTs and fire personnel) and military veterans a break.