Published April 28, 2023
Navigating Property Tax Assessments: A Guide for Homeowners
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Have you received your new property tax assessment notice? The assessed values seem to be quite high for many homeowners.
Here are some tips to consider:
First, have you filed for your homestead exemption? This will help lower your taxable value, and in some cases, your local ISD may also offer a small break for homeowners who have the homestead exemption. Filing for homestead exemption can be a simple process and can save you money in the long run. In some states, you may need to file a new application when you purchase a new home or make significant changes to the property.
If your home is outdated, needs repairs, or is in a lower standard than the neighboring homes, document it through photos, videos, and bids for the work needed. You can use this information in your tax protest. Be sure to take detailed photographs and videos that accurately represent the current condition of your property. You can also get an estimate from a contractor for any necessary repairs or upgrades.
Most jurisdictions allow for an electronic protest, which they'll try to settle to avoid you going in-person. If you do go in-person, be ready to present your evidence and be persuasive. It's important to make a strong case and provide supporting evidence that clearly demonstrates the inaccuracies in your property assessment. You may also want to consider hiring an attorney or a property tax consultant to assist you with your protest.
If everything else fails, you can protest based on the fact that the market has not significantly increased year-over-year, which may be applicable depending on the rate hike you're facing. This can be an effective argument in areas where the real estate market has remained stagnant or experienced only modest growth. However, keep in mind that your property's value may still have increased due to factors such as improvements or renovations. It's always a good idea to research the local real estate market and consult with a professional before submitting your protest.
As a real estate agent (and surely your FAVORITE), I'm happy to provide you with comps and market data to support your case. However, if you're still unsure, consider hiring a professional to protest the value on your behalf. A skilled property tax consultant can help you navigate the complex process of filing a protest and may be able to negotiate a favorable settlement with the assessor's office. Additionally, they can provide expert advice on property valuation and tax law.
Lastly, I've included links below to informative articles about new legislation and proposed changes, which highlights the importance of voting. Feel free to message me for a list of providers my clients have enjoyed working with. It's crucial to stay informed about changes in property tax laws and regulations and exercise your right to vote to ensure that your interests as a homeowner are protected.
Appraisal Review Board (Arb) Protests Frequently Asked Questions
