How to Appeal Property Tax Value

Many property owners are unsure whether or not it is appropriate to appeal property tax value, due to their lack of understanding about both the differences in values assigned to properties by the government and the property tax appeal process. Therefore, it is important to gain a good understanding about the process for determining the assessed value of your property, as well as the steps involved in the process of filing an appeal.

Difficulty: Easy

Instructions

1. Learn about the differences between market values for property tax purposes and the market value for business or investment purposes. As a property owner, you might normally consider the income generated by your property as part of the value of your property, but for property tax purposes, only the actual market value of the sale of the property is included in the assessment. For example, a hotel or retail location is likely to have a stream of income associated with ownership of the property, but only the estimated real estate value itself is relevant to property taxation.

2. Talk to a tax consultant or property tax lawyer about making the decision to file an appeal of the tax value of your property. It will most likely be very helpful to review the appeal procedure with a professional who can clearly explain the details of the process to you and point out the specific factors of the procedure required in the state where your property is located, as these requirements tend to vary from state to state.

3. Evaluate the financial benefits of the potential tax savings from your property tax value appeal, compared to the cost of working with a property tax lawyer to file your appeal. It's a good idea to talk to your lawyer upfront about all of the fees that may be associated with the process, especially if you will be required to go to court. Your costs will vary widely, depending on whether your lawyer charges an hourly or flat fee for appeals.

4. File your property tax appeal with your local government or municipality. Assuming you receive your final property tax bill by the end of the year, you will usually be required to submit your appeal form during the first 3 months of the next year. Include any relevant documents, such as an independent appraisal of your property, with your appeal form for review by your local government officials.

5. Prepare yourself for the court hearing that will usually file your request to appeal your property tax value. Your lawyer, assuming you hire one, will accompany to you this hearing, and it will be your responsibility to prove that the assessment of your property was either unfair or unbalanced. You may want to bring photographs and appraisals of your property to this hearing.

Tips & Warnings

• Filing an appeal for your property tax value does not cancel out your responsibility to the pay your property taxes on time. Your local government may charge your interest or other fees on late or unpaid property taxes, even if your appeal is ultimately successful.

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