Topic Summary: If your home's value has dropped you may want to investigate a property appeal. But doing so mandates you have proof and the numbers to back up your claims. The most important piece of information you will need is a solid home valuation. Yes, there are websites that can give you an approximation on value but your Real Estate Professional can help the best. He or she has all the tools to help you out and knows the ins and outs of the issues you will face. Also, in most areas you can make an appeal during the tax year.
Double Edge Sword! When attempting to get a market value that is legitimate, pay attention to see if recent sales around you included Short Sales, or other distressed sales. Including these in calculations may provide evidence that your home, compared with others lost value based on sales price. On the other side of the coin, if you were going for a refi, you would want these "distressed" sales taken out of the calculations, thus increasing the market value of your home.
The National Taxpayers Union, a Washington, D.C., advocacy group whose goal is to lower taxes, estimates that as much as 30% of taxable property in the United States is over-assessed. But despite the growing tax bills, only half of homeowners who may be due a lower assessment protest their tax bill. That means many may be paying more property taxes than necessary.
NTU also offers a Homeowner's Checklist, which offers steps to take in appealing your assessment.
It's tax assessment appeal time. Click HERE and get the know how and tips to fight back.
If you Don't Have Time- Get Some Help!
Estimates have a quarter of the nation's homeowners paying more than their share of property taxes every year according to ValueAppeal, a company that charges a fee to assist customers in appealing their tax assessment. The fee is refundable if the appeal is unsuccessful.
ValueAppeal analyzes whether a particular home is over-assessed compared to nearby, similar properties. You can research the service HERE