A Brief Overview on Property Tax Reduction and Property Tax Relief

Property tax reduction

According to a survey, over 60% of property owners are over assessed by the city taxation authorities. The most shocking fact is to know that less than 2% of the property owners requested re-assessment and still 58% of the owners are paying tax on their over-assessed property.

People may feel surprised to know that 70% of owners win their case and enjoy the reduced property taxes. Therefore, it is important for the house owners to scrutinize their annual property levy assessment.

Have you ever think that your property is over-assessed? If yes, then carry out the research. Contact your taxation authority to know your property tax assessment. However, if the owners find their property is over scrutinized and become successful in collecting the strong evidence, they can save $200-$3000 dollars about every year.

However, the savings value may vary depending on number of factors such as your property, tax rate of your city, over-assessed amount of your property, etc.

Getting property tax reduction is not at all a complicated job for the house owners. It will take certain time to understand the process and how to present your appeal in front of authorities. When you are planning to file a property tax appeal, collect enough and suitable evidence to prove your appeal.

If you file a property tax protest, but fail to produce suitable evidence to prove your appeal, you need to lose the case. You need to prove your case by submitting the assessment value of other properties sold for less than what your city taxation authority claims your property is worth.

Filing a tax appeal

House owners should know that as a levy payer they have the rights to file an appeal to know the current financial year tax assessment. The first step of appeal process starts with written notification to the local scrutinizing officer. Taxpayers have forty-five-days' time from the date of notice to file their appeal.

If property owners didn't receive any notice, they need to file for re-assessment by the later of May 10th of the assessment year or 45 days after the date of the levy bill.

Once you decide to file a tax appeal, you need to collect the evidence to support your case. The evidence can be in the form of a sale of the subject property, listing prices, sales of comparable properties and duty appraisal prepared by the licensed evaluator.

Once the appeal is filed, the board of evaluators review your petition. If the board finds that your property is over-assessed, the authority sends a new notice stating the change of assessment value.

It is advisable for the property owners to get the experts help when they really wish to file a property tax appeal. Expert solicitors help the owners to save time and reinforce their petition by producing suitable evidence. Another benefit of hiring expert is that they have complete know-how about the local market, good hold on the taxation laws and work with complete professionalism and leave no coin turn around to win the case. (EA)