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Real Estate Tax Appeals Explained

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By : Roby Hicks    99 or more times read
Every property owner can file for a real estate tax appeal. But why is this necessary, does a taxpayer really want to go through with all the trouble that goes with it? The values of the properties have declined in the last couple of years. Although this is the case, the property taxes charged against them has not been adjusted. Property taxes appeal will ensure that you are not paying more tax than you should.

Although the appeal can be advantageous for most, there are still those who are reluctant. This is because they are not well informed about it. It is important that you have all the essential information so that you can properly decide whether it is better to file an appeal or not.

About property taxes

Everyone who owns a property is bound to pay property taxes. Taxes will vary depending on the type of property you have. The basis for residential property is its fair market value. However, taxes for investment properties are computed including their earnings. To compute the tax you need to pay, you need to know the tax rate.

It is also essential that you know how to compute for your property tax so that you can have an estimate of how much you will prepare. After determining the fair market value of your home, you need to identify the tax rate in your state. You can ask your local tax office about this. In addition to that, find out about the deductions you can use. Your local tax office can also help you with this. Additionally, you should also know if you are exempted from paying property taxes; the handicapped and the senior citizens aging at least 65 years old are.

The appeal

You can make an appeal during the reassessment. You can do so if you think that your property is not properly assessed. The assessment may be excessive, which means that the fair market value is not right. You can also check the market. If most of the values of the property have declined, and you are still paying the same amount, then have it verified.

You can file an appeal during the reassessment, but before you do, make your own research. Learn about the different market values especially the values of the properties in your area that have recently sold. You can also have an independent appraisal of your property and attach it in your request for an informal conference. This will mark the start of your appeal. Once the conference is done, the assessor will give his recommendation, approving or denying your appeal. If denied, it will be forwarded to the Property Tax Assessment Board. If further denied, you will be directed on how you can file another appeal to the Board of tax Review.

If you were to file an appeal, it would be best to talk to a tax consultant or property tax lawyer. Ask about the expenses you will incur during the process and discuss the details of the things you need to do. This will help you decide whether to pursue the appeal or not.
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