Appealing Your Property Taxes-Terms You will need to Know

Appealing Your Property Taxes-Terms You will need to Know

I have discussed this subject many times in the past blog posts and it definitely cannot be brought up enough. Something like over 70% of tax payers that appeal their property taxes get their taxes reduced. I have gone over the steps involved in maneuvering through the process; below you will find a glossary of terms that can help you get started.

            Assessed Valuation= A percentage of a home’s fair market value as determined by county or township assessors. The land and buildings are usually appraised separately. The value is imposes on the property for tax purposes

            Assessment Ratio= A percentage of a homes fair market value used by assessors to determine a properties assessed value. This ratio usually varies from county to county

            Uniformity=An appraisal term implying equalization of tax burdens in a certain area. Your property cannot be assessed at a higher rate then others in the same neighborhood. Uniformity is the basis for many successful property tax appeals.

            Tax Rate= Rate usually shown per hundred dollars of the properties value. The tax rate can vary depending on the lands use.

            State Multiplier=Sometimes referred to as the state equalization factor, the number is assigned by the state to each county. The multiplier is meant to ensure taxpayers in each county of the state pay the same amount proportionately in property taxes. The number is readily available with a phone call to your local county assessment office.

Appealing your property taxes is not very difficult, and you have nothing to loose in that you can do all the work ahead of time and determine whether an appeal would benefit you. If you have never done it before ask around, and get someone who has done it already to help you out. In this economy who doesn’t want to potentially save some money.