Property Tax Appeals May Be Less Successful in 2022

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

Homeowners who face rising property taxes are often tempted to appeal. But in 2022, The Ascent, a Motley Fool publication, says that homeowners may not be as successful at lowering their bills as they may have in the past.

To be successful in a tax appeal, homeowners must prove that their home is over assessed. With rapidly rising home prices, which may be tougher to prove.

Property taxes are calculated by taking a home’s assessed value—the amount a local assessor thinks it could sell for—and multiplying it by the area’s local tax rate.

An appeal could prove more challenging next year because home prices have risen in many parts of the country. The National Association of REALTORS® has reported double-digit annual percentage gains in existing-home prices for the past year. In November, existing-home prices were up 13.9% compared to a year earlier.

Still, some homeowners may have success with an appeal. If they feel an assessment has risen by too much, they can appeal and show comparable sales at lower price points.

To learn more about property tax appeals and the home buying process, visit the SCOOP! Blog

 

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