How to Get Your Property Taxes Reassessed

Are you paying too much for your real estate taxes?

Home values have declined over the last several years, thus reducing the amount of property taxes collected. Property taxes are calculated in a number of ways. One method takes a fraction of the assessed value and multiplies that number by a set tax rate. Other methods might be based on the replacement value of a home and/or the market value. Typically property taxes are re-assessed every two to three years. If a home property declines significantly between re-assessments, a complaint or appeal for a re-assessment can be made. Each state has different requirements for this procedure.

Things You'll Need

• Internet Connection
• Phone Connection
• Home Appraisal

Instructions

Review Property Assessment

1. Obtain your property assessment and review the details. Property taxes are calculated using many different methods. Find out how your taxes are calculated and review your property assessment for errors. Possible errors include incorrect housing information, i.e. number of rooms, square footage, upgrades, finished basement and incorrect calculations. Many counties have online websites that list all details of how the property tax is calculated and even each individual property assessment. Go to your town or county's website, and look for the Assessor's page. If information on your property is incorrect, contact the assessor in your area to have it corrected. Corrected information could lower your property tax bill.

2. Determine your home's value, and schedule a home appraisal. To determine if real estate taxes are too high, you need to determine the current value of a home. Look at recent sales in your area of comparable homes, and consult web based services such as Zillow to get a rough idea of your home's value. Compare tthis with the value reported on your property assessment. If the current home value is much less than the assessed value, then you may be paying too much in property taxes. If you think you have a case, you can schedule a professional home appraisal. An appraisal will cost several hundred dollars, but if it's accepted as evidence by your town assessor, it could potentially save you thousands of dollars in property taxes.

3. File a notarized complaint against the valuation of a property with your county assessor. Include a copy of your most recent home appraisal. Forms may be available on the county's website, otherwise call the assessor's office to get the necessary forms sent to you. Some states will require a house appraisal to approve a change in property taxes. Municipalities may only accept complaint forms at certain times of the year, for example after the first of the year until March 31. After the complaint is filed, a hearing will be scheduled to review the information. You will receive official notification about the outcome of the hearing.

Tips & Warnings

• There are many property tax scammers that will send out letters asking for a fee to re-asses your property taxes. Other than paying for a house appraisal, there is no fee to re-asses your property taxes.

References

• With Home Prices Falling, Look to Reassess for Lower Taxes - Personal Finance - Real Estate - SmartMoney.com
• Reasses Property Taxes

Resources

• Property Tax Reassessment Scam