How to Get Property Taxes Lowered If a House Value Is Down

Property taxes are calculated as a percentage of the assessed value of the property. A county tax assessor independently makes this judgment, and the exact formulas and decision-making processes differ depending on the locality. If your home has decreased in value, there is no guarantee that the tax assessor agrees, even if an independent property assessor has determined that the value has decreased. It's possible to appeal an assessor's decision and get a reduction in the assessed value, but success is not guaranteed.

Instructions

1. Contact your county tax assessor office and request detailed information about how the office determines home values. In areas with reasonably high home ownership turnover, this is usually calculated based on recent sales of similar homes in the same geographical area. In others, the values may be calculated as a function of land values or area construction costs.

2. Contest the assessment with your county tax office. To begin this process, call or visit the office of your county tax assessor. Request that evidence of how the assessor determined the value of your property. Make copies of this material for future reference.

3. Inform the county tax assessor's office that you would like to dispute your assessment. The deadline for accomplishing this differs, depending on the county. Act within 90 days of receiving your assessment to increase your chances of success. You will receive a series of forms to request a reassessment. To strengthen your case, include information about why you believe the assessor made an error. For example, if a recent sale of a similar home to yours in your area sold for much less than the assessed value of your home, you can include this sale as evidence.

4. File the completed forms and wait for a tax assessment investigator to respond to your claims. The investigator will come to your home and examine your evidence supporting your argument that the assessor overvalued your property. They will make a determination about your claim when they come to examine your property.

5. File an appeal with your state department of taxation if your complaint to your county tax authority is overturned and you feel so inclined. Contact that office for more information. This may still allow you to get an assessment reduction.

References

• Property Tax Little Black Book: Overpaying Property Taxes
• CNN Money: 7 Ways to Lower Property Tax
• MyMoneyBlog: Lower Property Taxes

Resources

• BCS Alliance: Lower Property Taxes
• Lower My Assessment
• EasyTaxFix: Automated Property Tax Appeals