Challenging Your Property Tax Assessment
Image by K. Todd Storch via Flickr
A couple of weeks ago, I got a new property tax assessment. And it looks as though I’m not the only one who will be seeing an increase in property taxes. Money magazine reports that municipalities collected more in property taxes, even as the housing market crashed. I can see why. Even though my home decreased in value by $4,000 between 2007 and 2008, apparently there has been a huge jump between 2008 and 2009: The county assessor thinks that my home as appreciated in value by $14,000.
I know that my town is one of the few that was not completely hammered by the housing market collapse, and I also know that my town is one of the very few in the state of Utah that saw an increase in home values. But $14,000? It seems a bit steep. Which is why I am considering challenging my property tax assessment.
Challenging the property tax assessment
In order to challenge your property tax assessment, you will need to go to the county assessor’s office with proper documentation. Here are some things you need:
- Check for errors. The tax record might have some errors. Make sure the information used to determine your property tax is accurate.
- Gather comparable home information. Look for homes that have sold recently in the neighborhood or the town. You will need information from at least five comparable homes that show that they sold for less than your home is valued at. Realize that the county assessor will probably not count foreclosures. Your sale price will be affected by foreclosures, but the county assessor won’t change anything because of it.
- File on time. Realize that, depending on local regulations, you may only have between 30 and 90 days to file an appeal.
In some cases, you can resolve the issue informally with the assessor. In other cases, you may need to file a formal appeal. If you really think that your home has been overvalued for property tax purposes, consider appealing. It could save you hundreds of dollars.
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September 16th, 2009 at 4:35 am
[…] Challenging Your Property Tax Assessment Image by K. Todd Storch via Flickr A couple of weeks ago, I got a new property tax assessment. And it looks as though I’m not the only one who will be seeing an increase in property taxes. Money magazine reports that municipalities have been collecting more in property taxes, even as the housing market crashed. […] […]