If you would like to save money on property taxes, you must first find ways to reduce the perceived value of your home and property. The only way to do this is by successfully arguing that your house isn’t worth as much as the government says it is.
Here are easy tricks to find ammunition to over-turn the higher assessed property value.
Tax Assessment Deadline. Tax assessments typically give you a measly 30 to 120 days to file your appeal.
How They Value. Some areas tax your home based on 100 percent of its value. While others assign a lower “assessment ratio,” such as 60 percent. Even if you are in a jurisdiction that files assessment ratios, do not assume that you are automatically stuck paying taxes on that amount. Do the research and find out if you can secure a lower value for reduced taxes.
Look For Errors. Contact your tax assessor’s office, and request the internal notes and data the assessor used when setting a value for your property. These notes may include, lot size, the age of your home, dimensions, bedrooms, baths, most recent purchase price, and other things that affects your home’s value. If you find mistakes that make your property seem more valuable than it is, that is strong ammunition.
Is The “Comparable” compatible. In addition, the assessor’s internal notes will also include “comparable” properties used to help determine the value of your house. Look for reasons the properties the assessor chose are not appropriate. The comparable could be much larger, newer, remodeled, updated windows, siding, hardwood flooring, pool, landscaped, new deck, and roofing etc.