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Property Taxes Gone Up? Challenge the Assessment!

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Recent property tax assessments have left many in shock. The housing boom in 2005 led to a dramatic increase in home purchase prices causing many assessments to go up. Though a homeowner may be thrilled to see the value of his or her go up, no one wants to see the taxes go up. The fact is that because the housing market of recent years was so over-inflated. the assessed value from the auditor may be overstated, causing Joe Taxpayer to pay way more than the actual value of his home.

Never fear, there are ways to challenge the auditor’s assessed value of your home. A I found a recent article which lays out the best ways to challenge your property tax assessment.

Before challenging your current assessment, it’s best to get prepared. Keep track of houses that are comparable to your own that are either currently on the market or have just been sold. If the auditor has valued your 3 bedroom/2 bath home at $350,000, but 3/2 homes in your neighborhood are only selling for $315,000, come prepared to show the representatives that your home could not be sold for the assessed value.

Furthermore, if your home has had its share of wear and tear, that may be helpful to point out to the assessor. While no one wants to point out that his or her house hasn’t been updated lately, it may reduce the value enough to lower taxes down for the remaining time you live in the house.

The taxman always wants more than seems reasonable, but why let him dictate what you pay? By doing a little research, you may have a little more in your wallet at the end of the year!