Tips To Appeal And Cut Your Property Tax Bill Annually

By Author: Aaron Rodgers
Total Articles: 41
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HOW CAN I CUT MY TAXES:

Start by Checking Your Valuation

Check the assessor’s estimate of the market value of your property. Then compare the assessor’s value to:

Comparable sales to determine if the assessor’s value exceeds market value, and
The assessed value for similar properties to determine if your assessment is equitable.

Most states allow annual property tax appeals on both excessive value (assessor’s value over market value) and unequal appraisal (your assessment is high compared to neighbor’s property).

Understanding Your Property Tax Bill

Property tax reduction starts by understanding how your property taxes are calculated.

Property taxes = ((Assessor’s value x assessment ratio) – homestead exemption) x property tax rate

The assessor’s value should be based on market value. It is referred to as the assessed or appraised value.

Assessment ratio is the portion of the assessed value that is taxable. Most states have different levels of assessment for different types of property. Residential is typically assessed for less than commercial ...
... property. Fourteen states simply have a 100% assessment ratio for all property; Alaska, California, Connecticut, Delaware, Florida, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, South Dakota, Texas, Vermont and Washington.

Homestead exemptions vary from state to state and by tax entity to tax entity within a state. The cities within large municipal areas like Houston, Texas have different levels of homestead exemptions. Claiming your homestead exemption is a critical step in property tax reduction.

APPEAL YOUR PROPERTY TAX:

STEPS:

File a property tax protest by the deadline,
Prepare for the hearing by researching comparable sales and assessment comparables (the value of like properties),
Meet the assessor to negotiate a reduction.

Enroll Today In the Property Tax Protection Program. Your property taxes will be aggressively protested every year by the #1 property tax firm in the country.

KEYWORDS:

Property tax
Property tax protest
Property tax reduction