Assessing Your Property Taxes and A Link to 108 Stores with Senior Discounts

Reference books related to this topic

How to Reduce Your Property Tax - A comprehensive guide for residential property taxes in America and Canada [VHS]

Challenge Your Taxes: Homeowner's Guide to Reducing Property Taxes

Are You Getting Screwed On Your Property Taxes?: How To Find Out and How To Fix It!

The following information was taken from the July issue of the State Farm Insurance Newsletter

Assessing Your Property Taxes

Since housing prices have dropped in so many markets, it may be worthwhile to check if your property assessment is in line with current valuations in your area—and perhaps initiate an appeal. Here’s what you need to know.

When to consider an appeal

According to Tim Miscovich, who reviews tax assessments for various properties as a managing partner of Hospitality Asset Advisors in Clarkston, Michigan, certain situations may warrant an appeal:

•If there is at least a 20 percent difference between your property’s assessment and your estimation of its value.
•If your assessor has based the figure on incorrect information about your property.
•If your assessment is not in line with the per-square-foot assessments of your neighbors’ homes.

Where to start

Visit your local assessor’s office and take a copy of your real estate tax bill or assessment. Review a copy of your property record card or assessor’s data sheet, which tells you how the assessor calculated the property’s value.

How to check if your assessment is fair

“First verify the accuracy of the assessor’s information,” says Miscovich. “In many cases, factual errors produce an incorrect assessment.”

Be sure that your home’s square footage is accurate, but also double-check other information—from the number of rooms and the type of construction to whether the basement is indeed finished.

Ask your assessor to provide information on comparable home sales in the neighborhood. Be sure to get square footage for each property.

“Find 10 or 15 good sales in your area over the last three years,” Miscovich says. “Lay it out on a grid and calculate the average price per square foot.”

Dos and don’ts

According to Miscovich, if you have concerns about your assessment, you should…

•Start looking into the problem early—well in advance of tax appeal deadlines—and leave time for appeals.
•Band together. Some assessors will provide an assessment overview to groups of concerned taxpayers.
•Be consistent. Review your home’s assessed value on an annual basis.

But you shouldn’t…

•Use a distressed sale to determine a value for your own property.
•Rush to hire help. Hire a tax abatement specialist only after an assessor rebuffs your request for an appeal.
•Be antagonistic or confrontational. It rarely works.
Learn more about property taxes in various states at the Tax Foundation. Find information about local assessor’s offices at the Property Assessment Directory.

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