Many property owners may not know what they can appeal their property tax assessment. Because property taxes can be costly, and the savings can be helpful, property owners should always be familiar with how they can appeal their property tax assessment if it is something they are considering.
The first step in lowering property taxes is to appeal the property tax assessment. Unfortunately, only 2% of homeowners annually take advantage of this process which can potentially save them money.
Here are some steps to take to appeal a property tax assessment:
- Check the property description – a simple first step is to check the description of property and ensure it is correct. If it is not, correct it.
- Double check if you qualify for any exemptions – all homeowners can receive a homestead exemption if they live in their home rather than renting it out. There are several other types of exemptions available so it is work checking out to see if any apply.
- Determine if you are overassessed – this process can be a little more complex but may be worth taking a look at. There are also timelines associated with the period of time the homeowner can appeal the assessor’s valuation so it is essential to be familiar with those important timelines where you live if you are looking to appeal your property tax assessment.
In addition, some special circumstances may also apply such as the impact of a natural disaster on your home’s value or if you have a recent assessment due to the purchase of the home. The National Taxpayers Union estimates that 60% of properties are overvalued by assessors which is why property owners seeking to lower their taxes should be familiar with how to challenge their property tax assessment and the property tax appeals process.