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How to Lower Your Property Tax Bill Thursday, April 28th, 2011

I wanted to share some information that every homeowner should know. According to an industry trade group, more than 60 percent of U.S. homes currently have their property taxes over-assessed as a result of falling home valuations and inaccurate county records. Check out this chart below, it shows that since 2006, while home values have dropped roughly 25% on average nationwide according to Case/Shiller, National property tax revenue since 2006 has increased from $375 Billion to $476 Billion or 22%. This was a cash cow for all the states during the housing boom, but they now need to reassess their taxes down to meet current housing values. Over-assessment creates a bigger annual tax bill than for which you should otherwise be responsible.


How To Appeal Your Home’s Real Estate Taxes.

The good news is that, in most counties, having your taxes lowered can be as simple as filling out a form and providing proof of valuation. Usually in the form of an appraisal. NBC’s The Today Show ran a piece last year that remains relevant today. It’s loaded with tips to help you drop your tax bill, most of which won’t require attorneys or other “expensive” third-parties. Here is the link to that show which will help you with these points below¬†NBC’s The Today Show link

* When to file your tax bill dispute for the best chances of winning
* How to pull your “property card” and check for tax bill-raising errors
* What to do if the taxing authority turns down your request

Contesting your tax bill doesn’t need to be expensive or time-consuming. It just helps to be prepared. Do your research and make your case.

Did You Know That 50% Of Tax Appeals Are Successful

If you can win your home’s tax appeal, you stand to save good money. It’s worth the effort if your home is over-assessed. After all, it’s estimated that half of all contesting homeowners are successful with their appeals. During the appeal process, you may want a copy of your most recent home appraisal (your Loan officer or Real Estate agent should have a copy) if you had one done in the past 12 months. The more evidence you can provide, the better your chances of a good result.

If you know of anyone else who could benefit from this property tax information, please do forward this message along. Also, if you know someone that is looking to lower their mortgage payment or is looking for financing to purchase a new home, please feel free to pass along my information or have them contact me directly at 858-200-9602.