How to Lower the Value of Your House

Lowering your house value might save you money.

Sometimes an increased property value isn't good news. If your home rises in value, your property taxes increase. If the increased home value seems inflated or you disagree with the county assessor's opinion, it's possible to voice your concerns and lower the value of your house for tax purposes. Arguing for a lower property value means coming armed with information about home values in your area and for properties similar to yours.

Things You'll Need

• Property assessment statement
• Spreed sheet software

Instructions

1. Read the property assessment mailed by county or city officials with the details of how much your house is worth when it comes in the mail. You'll need this to know how much the government thinks your house is worth for tax purposes.

2. Search online for houses similar to yours in age, number of bedrooms and bathrooms and square footage that recently sold or are currently for sale. Print the information if the house sold for less than your property assessment.

3. Check the value of your neighbor's houses either on the county's website or by visiting the assessor's office, where the information should be on file.

4. Make a spreadsheet of homes in your neighborhood and homes in your city like yours that sold for less.

5. Contact the county assessor's office in writing requesting your home value lowered. Make sure to include the spreadsheet of comparable homes.

References

• Bloomberg Business Week: How to Reduce Your Property Taxes