Cut High Property Tax Assessments
Posted on January 29, 2009 in the Property taxes category
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The National Taxpayers Union writes that as many as 60% of all homeowners are over-assessed and not in line with their home value. (“How To Fight Property Taxes” 2004 p.1) |
Home values dropping? Don’t bet the farm on property taxes getting reduced. Property tax increases to property owners are fast becoming a hot potatoes issue throughout the country. The consuming question normally is: how to stall an one-sided burden of appraisal creep and improve the current systems in place without hurting the state’s ability to collect basic revenue.
Basically it is a subject of bringing in transparency into government by cutting expenses as well as insisting that government perks, pay and benefits mirror the private sector.
Government should mirror the private sector in wage and benefits. Instead government take unfair advantage by getting higher wages than the typical WalMart, Home Depot employee, get to retire in 20 years while the average Joe works till he’s 65.
Property tax caps and higher state sales taxes are some of the solutions offered by government. Should you be worried about your property taxes with foxes in the henhouse making the rules don’t lacerate extraneous jobs and expenses?
Many homes are selling below their assessed value, in many instances this is reason of a property tax appeal. The National Taxpayers Union writes that as many as 60% of all homeowners are over-assessed. When comparable properties sell for a lower price, all you need to do is provide evidence that your homes market value does not equate with the assessment the taxing authorities placed on your home.
Generally, under average times a very large error rate exists in the compilation of property tax data. The National Taxpayers Union writes that routinely as many as 60% of all homeowners are over-assessed and not in line with their home value. (“How To Fight Property Taxes” 2004 p.1). Here lies the small business opportunity for individuals looking to help others get their property taxes in line.
You’ll only be given a short timeframe to present the facts of the case, so you will want to point out the key facts about the property. Point out the significant negative market factors that influence the market value of the property.
Property owners have the right to formally appear in front of a board of property tax revision to share their information and state their case. However the first course of appeal would be to contact the property tax assessor and give compelling evidence. Be prepared for deaf ears, few listen well.
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10 Responses to “Cut High Property Tax Assessments”
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It certainly would be frustrating if your taxes were based on market value and that value has gone down, but as you said “don’t count on it” if you appeal for a re-assessment.
We have one county in our area that people love because of its low taxes – they’re based on “the cost to build the house in 1969″ – million dollar houses are usually assessed around $20k!
I do not think a city will ever lower property taxes in time of falling home prices. With this recent decline it reduces the chances even more since homes are foreclosing and cities are loosing the total number of tax payers.
Tough time for everyone
We’re looking at a house and the listing has a part that says annual taxes and there’s a separate piece of info that says “tax with assessments” and the amounts are different?
In Los Angeles you can actually file a decline in value application with the assessor and submit comps. If your home truly has lost value the assessor will offer a temporary reduction in the property taxes. Also for new buyers always look at the bill carefully, assessors tend to make mistakes in their favor and it requires you to fill out an appeal to correct the taxes.
“Home values dropping?” – Nope, the median home price in Greenville, SC was up 2.4% in 2008 compared to 2007.
As for property taxes, reform in 2007 reduced my property taxes by 38%, and most other owner-occupant homes in our area as well.
No need to fight it, I’m completely comfortable with my $1,521 yearly tax bill. I’m sure the new owner’s of the last home I sold are too: a 2,000 square foot full brick ranch on .67 acres in city limits, $770.25 per year.
Burden? Not everywhere, and definitely not here.
The biggest part of the government income are taxes. But the taxpayer got no strength if the property value go down or over-assessed begin to make stuffy for the owners. The taxes must based to the current value of the house to protect the taxpayers
The biggest part of the government income are taxes. But the taxpayer got no strength if the property value go down or over-assessed begin to make stuffy for the owners. The taxes must based to the current value of the house to protect the taxpayers.
The economy is making it difficult to afford my mortgate let alone my property tax.
Having the same issues here. Property values are way down, but the county is still trying to collect the same inflated taxes.
I agree with your article and the most important thing is to get active, everything else will fall in place. Property values have fallen and unless you fight for waht is yours you won’t get it.