Real Estate

A brief overview of property tax abatement and property tax relief

Property Tax Reduction:

According to a survey, more than 60% of homeowners are overvalued by the city’s taxing authorities. The most shocking fact is knowing that less than 2% of homeowners have applied for a reassessment and still 58% of homeowners are paying taxes on their overvalued property. People may be surprised to learn that 70% of homeowners win their case and enjoy reduced property taxes. Therefore, it is important for homeowners to review their annual property lien assessment.

Have you ever thought that your property is overvalued? If yes, then carry out the investigation. Contact your taxing authority for your property tax assessment. However, if homeowners discover that their property has been over-examined and are successful in collecting solid evidence, they can save between $200 and $3,000 each year. However, the value of your savings can vary depending on a number of factors, such as your property, your city’s tax rate, the overvalued amount of your property, etc.

Getting property tax reduction is not at all a complicated job for homeowners. It will take some time to understand the process and how to file your appeal with the authorities. When you plan to file a property tax appeal, collect sufficient and appropriate evidence to prove your appeal. If you file a property tax protest, but do not present adequate evidence to prove your appeal, you should lose the case. You must prove your case by presenting the assessed value of other properties sold for less than what your city’s taxing authority says your property is worth.

File a tax appeal

Homeowners should know that, as taxpayers, they have the right to file an appeal to know the tax assessment for the current year. The first step of the appeal process begins with a written notification to the local counting officer. Taxpayers have a period of forty-five days from the date of notification to file their appeal. If homeowners did not receive any notice, they must request a reassessment by May 10 of the assessment year or 45 days after the lien bill date, whichever is later.

Once you decide to file a tax appeal, you must collect the evidence to support your case. Evidence may be in the form of a subject property sale, price quote, comparable property sales, and tax assessment prepared by the licensed appraiser. Once the appeal is filed, the review board reviews your petition. If the board determines that your property is overvalued, the authority sends a new notice indicating the change in the assessed value.

It is advisable for homeowners to get the help of experts when they really want to file a property tax appeal. Knowledgeable attorneys help homeowners save time and strengthen their claim by presenting the proper evidence. Another benefit of hiring experts is that they have complete knowledge about the local market, a good command of tax laws and they work with complete professionalism and do not let the coin go back to win the case.

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