House Value Reassessment to Lower Property Tax - How to Find Out That You Are Overpaying

Tax officers are supposed to assess the value of a property by comparing it with other properties in the same location. To lower property tax, it's a good idea to first learn why tax officers make incorrect property value assessments.

Unfortunately, property tax assessment is a difficult task, because tax officers often have a heavy workload and inadequate resources. These challenges are behind many of the inaccurate assessment of property values.

You may think that only a small number of properties require reassessment, but that, unfortunately, is not the case. According to research published in the WSJ in August, 2011, about half of Americans may be paying more tax than what is applicable on their property. This means that there is a 50% chance that you may be overpaying.

Considering these factors, it becomes important for you to think about the how much you are paying in the form of tax on your house. If you are able to determine that you are being overcharged, you can apply for a reassessment and lower property tax. So, how can one find out what is the current market value of one's property?

Well there are different ways of doing this. You can check for the prices of similar properties in your area and try to determine if you need to make an appeal to the tax office or not. Another option you have is to use a value assessment service. Here are the benefits of using an assessment service.

Going for a DIY approach has the obvious advantage of saving money, but hiring a service to do the job has more than one benefits. Firstly, it will assess your property by going through the housing data of multiple databases and comparing the values of recently sold properties.

This will mean that you will have well-researched information about whether or not you need to apply for reassessment. When you are pleading your case, you should first be sure that you actually have one. A thorough research of recently sold properties in your area will enable you to determine that.

Secondly, you will get a report on the comparable properties that you can then provide to authorities when making your appeal to lower property tax on your house. Therefore, using a value assessment service may actually help you save money, as you will have the knowledge and written evidence to make a solid claim. (EA)