Each year across the country property owners get their property tax notice from their local municipality, boro, county etc. Not all state's handle property taxes the same, some property owners pay one big tax bill, while others pay two different installments. Either way property taxes can be a big burden on a households budget. Whether you are paying in lump sums or have them escrowed (they are attached to your monthly mortgage and come out monthly) you are paying them all the same. It is important to know if you are paying too much in property tax, and what most property owners don't realize is that they can appeal, and often times have their tax bills lowered. Not only can you save money, but lowering your assessed tax rate can increase the resale value of your property. Properties are given an assessed value that is multiplied with a tax rate that is determined by your individual state.
There are time lines and procedures for appealing your property tax that are different for each state, knowing the guidelines is your first step. Here is Pa they are printed on the back of your actual tax bill, however your local tax office can give you the information as well. What you are looking for are errors on the tax records for your property. Get a copy of the tax report for your property and check that things such as square footage, number of bedrooms, bathrooms is correct. This information is important because the assessed value is arrived at using comparables, properties that match yours. You will want to know what comparables the assessors office used in valuing your property. Check and make sure those comparables are correct.
All of this information is available free from the assessor's office, so getting the comparable information is easy. If you find information that differs from that of the assessor's report, get familiar with the difference so that when meeting with your tax assessor you are can present a well thought out case. If you are denied yet still feel that you have a strong case, appeal the decision and keep trying. The assessors office can not use your appeals as a means to increase your property values so there is no down side to challenging your tax bill, if you have solid information that supports your challenge.
If in your investigation you find that the tax valuation is pretty close or the comparables are correct, you obviously do not want to bring a challenge and see your property value go up. Alot of times the assessors office has old information and you can get those taxes lowered, I have successfully had one of my property values lowered.
You have to do your homework, but it can be worth the effort.
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