Property Tax Appeals - How to Save A Bundle In Overpaid Taxes

Property tax appeals represent a huge opportunity for many homeowners and other property owners to save substantial amounts of money each year. But despite the chance for property owners to put hundreds and even thousands of dollars of their own money back in their pockets each year, very few actually pursue this opportunity.

It's a strange thing actually. Why would even the most penny-pinching, financially savvy persons among us often miss the chance to pocket some serious money each year? It may seem more abstract than cash in the bank, but money in the form of property tax abatements and overall lower real estate tax bills is nevertheless just as real.

Even more odd is that these savings can carry forward for years to come. This means the true value of a well executed property tax appeal could easily range into the tens of thousands of dollars over time.

So why do some people stress out about earning a measly extra half percent interest on their certificate of deposit account, yet willingly step over the pile of real cash that a real estate tax appeal could represent to them?

The reasons for this seeming indifference to a financial bonanza vary from one individual to another, but it's a safe bet that many are stopped by the belief that such appeals are a complicated, difficult business.

Nothing however could be further from the truth. In fact, despite the growing number of real estate consultants taking advantage of the turmoil in real estate markets to earn record numbers of easy commissions on these tax appeals, almost anyone could handle their own very easily.

All it takes is the right blueprint to follow, and such blueprints are readily available to anyone who decides to look for them.

In fact there are a number of good books and courses available to guide you in undertaking a "do it yourself" property tax appeal. You could be up to speed on the basics of doing so in just an hour or two, and presenting your own case with just a few additional hours of research and preparation.

The process involves taking a few simple steps to identify the market value of your property. Next you compare this value with the official assessed value of your property as determined by the property tax assessor in your area.

If there is a wide disparity between the two, and the true market value of your property is significantly lower than what the property tax assessor claims it to be, you probably have a winning case.

Of course there are many fine details that go into making your case, and that's where a good course or book on the subject can quickly give you the required expertise. But rest assured this truly is not rocket science.

The truth is, it is mostly common sense. Common sense that can pay you very well for a few hours of your time.

If you'd like to take advantage of a potential financial windfall that you may currently be sitting on, I urge you to learn more about property tax appeals to see if undertaking one makes sense for you. (EA)