Property Tax Reduction5406216
Were you aware that 60% of property owners are gone assessed by their city? Plus more disturbing, lower than 2% of most tax payers appeal their home taxes? Of the 2% which do actually appeal 70% of these win some sort of lower property taxes.
If you believe you may be over assessed, you most likely are and it's also worth your time to keep to research and investigate for those who have an incident. The potential savings vary from $200 - $3,000 annually for homeowners and much more for commercial home owners. The savings depend on a variety of factors such as the price of your property, the tax rate of one's city, the total amount your property is over assessed by, etc.
Real estate Tax Reduction
Finding a real estate tax reduction is actually not complicated, and really should just take a house owner an afternoon or two to essentially have an adequate understanding of the process and ways to present your appeal. On the list of various details that owners needs to understand is how you can pick the best comparable recent sales (Comps), because this is the "meat" of most appeals. Put simply, most householders are appealing their house taxes under the assumption that they are over assessed. You have to prove this by showing other similar properties who have sold, for less than what your city claims your property is worth.
As you may suspect this can get complicated as cities get "picky" using what properties they are prepared to use. And understanding how to pick the proper comps to get a relatively inexperienced house owner can be tough. For example some cities will not allow you to use comps from properties that sold under "distressed" situations.
Property Tax Appeal
There are other issues besides just comps that owners can dispute. Including the simplest way to get a real estate tax reduction is simply by showing a mistake produced by the assessor. For instance, say you discover that the city recorded your home with 20% more liveable space than is really has. You might easily dispute this. There are lots of other mistakes that you ought to very carefully examine. Take into account that assessors in many cases are under qualified to the position as they are commonly elected officials that won't have background in appraising properties. Also they are often over-worked being responsible for hundreds and hundreds of properties which is daunting job for anyone, regardless of credentials.
All in all, without sounding overly cynical, owners should know that the city doesn't wish to offer you a reduction. It's money from their pocket. One of the biggest mistakes that owners make is failing to abide by the technicalities from the process. Like having the forms done correctly or being late to the appeal meeting, among many more. Cities are searching for technicalities either to dismiss your appeal or provide you with only a reduction than you deserve; so you need to be diligent and detailed oriented.