How to Get Your Tax Value Dropped on Your House
Shortly after you close escrow on a new home, the county assesses its value and levies property taxes accordingly. Over time, the value of your home may fluctuate. In a severe market downturn where home values decline significantly, your property tax may reflect long-gone, prime market values for which you may be overpaying. To remedy this, have your home reassessed to reflect the current local market values and put the money back in your pocket where you need it most.
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Instructions
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Read your property tax bill. Look for the annual assessed value. This is the value your county assessor thinks the home is worth.
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Verify that all information about your property is correct on the bill. Check for square footage, the year built and lot size. If there's an error with any of this data, it may be costing you more in taxes.
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Ask your real estate agent to provide you with comparable market values, based on recent sales of similar homes in your neighborhood. Alternatively, check local values on in the Internet. Ensure that the homes are similar in size, age, condition and amenities and were sold during a relevant time frame. Note the distance of the comparable properties from your residence. Compare their value to your home's assessed value.
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Print out the market comparables.
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Get a professional appraisal on the home and a copy of the report. The appraiser will measure the home and lot, evaluate the condition of the property and give you an up-to-date estimation of the property's market value.
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Visit your county tax assessor's website or call the number located on your tax bill. Ask how to dispute your property tax bill. Some counties may have an online process, while others may require you to visit the office in person.
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Take note of your tax assessor's deadline to appeal your taxes for that year.
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Mail or deliver your market comparables, the property appraisal report and a copy of your property tax bill. Tell the assessor what you think your property tax should be, as evidenced by the comparables and your home appraisal report. In some jurisdictions you may have to present your evidence verbally, but bring extra copies of your documents to leave with the assessor.
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Wait for the assessor's decision but continue to pay your taxes as usual. A decision can take months, depending on your local jurisdiction.
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