How to Reassess County Property Tax to Save Money in the Current Economy

It is a good time to reassess your county property taxes and save. Most homeowners do not realize that the last time their property was assessed for taxes may have been when their home value was much higher. Because of this you may be able to save hundreds of dollars in property taxes by contacting you county tax assessor to have them reevaluate your property value. The assessed value of a property cannot exceed the fair market value and so state law provides a way to reevaluate the assessed value when the market declines. To see if you may qualify for a county property tax reduction follow the steps outlined in this article.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Current annual property tax bill
• Contact information for your county tax assessor

1. Contact a local Realtor to get some current comparable property assessments. You can also choose to get these online from sites like Zillow. Compare these values to the value your home last assessed. You can locate your previous property assessment on your annual property tax bill under the valuation information section. If the value is significantly lower, you may qualify for a lower tax rate.

2. Do some research to see if there is a charge for having your property taxes reassessed. Each county differs in the process, but most counties will reassess your property at no charge. It is worth checking into for the possibility of saving hundreds of dollars. You can find this out by visiting the website for your county tax assessor.

3. Find out how your county assessor determines the value of your property. Come counties do a mass comparison with similar homes in the area. Some do a complete individual inspection of the home. Some merely look at the exterior (they can see the stacks on the roof to determine how many bathrooms, etc.). Depending on how your assessor determines value could put you at an advantage or disadvantage.

4. Contact your local tax assessor by phone or email. Many counties also have forms on their websites for reassessment that you can fill out and mail in. Apply for reassessment and attach a copy of the comparables that you received. If you are within the proper assessment amount as determined by the assessor, they will determine that it's not worth their time to come out and reevaluate your property value. Also, be sure to ask if the process could possibly increase your taxable amount. A general rule of thumb is that the property tax is roughly 1% of the assessed market value.

Tips & Warnings

• Many states also offer rebates and rollback programs for properties that have declined in value.
• Some counties require petitions for reassessment to be filed before a certain dare. Contact your local assessor for details.
• You have the right to see the assessment report on your home, which can be found in public records. Check for obvious errors that could have been made such as too many bathrooms listed or too many rooms.
• Be aware that private companies may solicit to do the process for a fee. However, the process is simple to do yourself and most counties do not charge anything.

Resources

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[Gardengates]

on 2/7/2009 Thanks for the reminder about property taxes. I did this during the last recession and should check with the county assessor again now!

[scarletdreamer]

on 2/7/2009 This is a great article, with plenty of information!

[coachmac4]

on 2/5/2009 Excellent article on property tax reassessment. 5*

[beachmom]

on 1/29/2009 Very good article with rich detail! Our property assessment skyrocketed this year...I am going to utilize your suggestions:)5*

[HowDragon]

on 1/24/2009 Nicely-written article on how to reassess county property tax. Thanks! 5*!