Here is some food for thought when it comes to the accuracy of your property assessment and the amount of taxes you pay based on your home’s assessed value. If your home is currently being assessed on a market-based valued assessment standard, your assessed value is likely reasonably accurate based on local market selling conditions in your general area. However, did you know that there are specific parameters that your assessed value should fall within and if yours is outside of these parameters, you may be eligible for a reduction in your taxes? When homes are assessed on a mass appraisal basis for property tax purposes, thousands of homes are put into a database and values are calculated based on statistical models prepared by statisticians. Assessors are obligated to review values in detail to ensure that the majority of properties fall within a specific guideline. In my experience as an assessor over the years, when it comes to the preparation of market value-based assessments, there are thousands of homes outside of these parameters.
Generally, your value should be within +/- 5% of the potential selling price of your home as of the specific date. Have you called your local assessment office lately to find out what their parameters are? Have you ever had any one review your record with you in detail? Even the slightest error on your record can be carried forward for many years without getting caught. The onus is placed on the homeowner to ensure that the value placed on the property is correct. Your municipality does not assume any responsibility for its accuracy. In other words, every year when the assessment notice is mailed, you are given 30 days in which you can complain against this assessed value. Since the majority of people make the assumption their value is correct, this time frame passes them by and they have no options open to them until the same time the following year.
During my 20 years as a property tax assessor, to be totally honest, I saw it all and heard it all, when it came to filing deadlines, property details, court hearings, and numerous other issues surrounding property assessment. Even small errors in the square footage of your home can sometimes end up costing hundreds or possibly thousands of dollars in overpaid property taxes over the years. Many times I came across properties that were over-assessed for no particular reason and the owners simply paid without knowing. Unfortunately, any paying back or remission payment is not an option when it comes to property taxes, unless it is within the current calendar year. However, there may be some municipalities that offer 1, 2 or 3-year remission tax policies, but they are rare and you are advised to check this out if you feel your assessment is too high.
When it comes to remission of overpaid taxes, your local government assumes that this is a business decision that you made as a homeowner and you will find very little sympathy for your scenario. They will fall back on the 30-day period in which you can complain against your assessment, and if they haven't heard from you within that 30 days then to be quite frank, tough luck. Don't let this scenario happen to you. Learn more about the assessment process and how it affects your property tax bill. It could be one of the best things you do for your family's budget.
Henry Switzer is a regular contributor to www.propertytaxtip.com/ '>www.propertytaxtip.com supplying you with all the information and resources you need to know about your property taxes.
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