Property taxes are based on a professional appraiser’s assessment of a home’s value. But many communities don’t reassess every year. If property values fall, property taxes will not automatically follow suit. It's not hard to check the report and it pays to be proactive.
Property taxes in some areas are done by error-prone street-view assessments. The National Taxpayers Union estimates that over half of homes are over-assessed. Yet most homeowners don’t file an appeal. The following steps can help lower a property’s assessment, which can in turn lower the tax bill.
Property Tax Reduction Starts with Contacting the Tax Assessor’s Office
Call or check the assessor’s web site. Ask about the appeals filing deadline and how taxes are calculated. Is the tax based on a percentage of estimated property value? If so, what percentage? What other factors and procedures are used? Calculate whether the assessed amount seems reasonable relative to the current housing market and condition of the home and neighborhood.
