Are your property taxes rising even though the real-estate market has gone south?  Would everyone’s tax rate increase if everyone’s property were reduced according to the fair market value?

Only one in fifty appeal the assessed property value?  Assessors routinely overvalue 60% of properties?  Your chances are good to get a reduction unless many other property owners are also appealing.

Know your local market before you consider an appeal.  Appeals take five to twenty hours.  Lawyers and independent property appraisers are not usually needed.

Home values are calculated by recent sales of similar homes, estimated cost to rebuild, percentage of the estimated value and a combination of these.  The assessor used things like lot size, square footage and the number of baths to make his assessment. 

Get a copy of your property card.  Make sure the description is correct.  Often the number of roof vents indicates the number of baths erroneously.  Were the homes the appraiser compared your home too new or the same age?  Prepare a spreadsheet using lot size, home sq footage, age, identical floor plan, sales price, assessments etc. Without comparable homes selling for 10% less than your assessment value you will loose.

Once your annual assessment comes you have about 60 days to file your appeal.  Do your homework first.  Look for simple errors on the property card.  You need five to ten sales made about the time of your assessment.  Check for differences between your property and those properties.

Plan to meet with the assessor informally and present your evidence.  Keep a smile on your face and never insinuate a bribe.  Ask for an explanation if the assessor sticks to his guns.  Take notes of his remarks if you plan an appeal.

Use certified mail or hand deliver your application to a county board.  Acknowledgments can take a couple of week’s or much longer.  Prior to your hearing attend an appeal hearing.  Learn the procedure.  Prepare for objections the board may raise about your appeal.  Being brief will score points with the board as it allows time for their objections.  Present your case in eight minutes or less.  

In the event that you loose you may appeal to a state agency or you can go to court.  Only then will you need a lawyer and possibly a property appraiser.  A number of cases are settled before trial because they are so numerous and some relief is given in 95% of the cases.  

Stop crying over your tax burden.  Over a number of years a fair reassessment can pay you thousands.  Professional help has a price, thus depending on your prospects of reduced taxes move with caution.  The amount of possible relief is the measuring stick.