An individual’s property taxes can be a major factor in their ability to financially manage their home or business. Property taxes provide funding for local school districts, fire departments, and highway fleets, but for many people, they can also be a financial burden. You may decide to appeal your property taxes if you think they are too high. It’s important to understand the process and how it works before starting the appeals process. This article aims to provide an overview of the appeals process and discuss how to effectively appeal your property taxes.
Understand the Property Tax System
Before beginning the process of appealing your property taxes, you must understand the system and how it works. Property taxes are paid to an appointed county assessor. The assessor’s job is to calculate the value of a property based on its current market value, which is determined by recent sales of comparable nearby properties. Once the value has been determined, the assessor will then use that value to calculate the amount of taxes that are owed on the property.
Assessment Period
Each county will have an assessment period during which an individual may challenge their property taxes. This will vary depending on the county, so it is important to check the assessment period specific to your location.
Appeal Forms
Most counties will provide the necessary forms to appeal your property taxes. In some instances, the form may be available online. It is important to fill out the appeals forms completely and legibly, as this will be the basis of your appeal. In addition, it is important to ensure that the form is filed with the deadline as specified by the county.
Factors to Consider in Your Appeal
The following are factors that should be taken into consideration when appealing your property taxes:
• Property Comparable Sales: How does the assessed value on your property compare to others in the area?
• Physical Condition of Property: Has your home been updated within the past few years? Has anything changed about the property since the time of the assessment?
• Special Circumstances: Are there any special circumstances such as natural disasters or environmental concerns that could negatively impact the value of your property?
• Property Taxes on Neighboring Properties: Are your neighbors paying more or less than you for their property taxes?
• Assessed Value: How does the assessed value of the property compare to the fair market value?
Appeal the Property Taxes
Once you have considered the factors and gathered the necessary documents to support your case, it is time to appeal your property taxes. You can either appeal in person or by mail. If you choose to appeal in person, the county assessor’s office will accept your appeal, review the documents, and make a decision. If you choose to appeal by mail, you must send your documents to the address specified in the county guidelines.
If the County Assessor Denies Your Appeal
If the county assessor denies your appeal, you have the right to file an appeal with the board of equalization in the county in which your property is located. The board will review your claim and make an informed decision on whether or not to reduce your property taxes.
Tips For a Successful Appeal
There are several tips to ensure a successful appeal:
• Gather the necessary documents prior to filing, including comparable sales of the taxable property, local market trends and appraisals.
• Prepare your case with facts and details to support your argument.
• Participate in the appeals process and make sure that you are up to date on all deadlines.
• Hire a tax attorney if necessary to help with the appeals process.
Property taxes can be a major burden for any homeowner or business. Despite the significant financial responsibility, individuals have the right to appeal their property taxes if they feel that their assessment is too high. By understanding the appeals process and taking the necessary steps to successfully appeal your property taxes, you can lower your taxes and potentially save a significant amount of money.
Appealing property taxes can be a daunting task, but if approached with organization, research, and preparation, it can be a successful endeavor. With the right guide, information and support, you can successfully appeal your property taxes.
