Tips to Reduce Property Tax - Tax Reassessment

When paying the tax on your property, you may not consider taking a look at whether or not you are paying the "right" amount. Inaccurate assessment of the property tax is very possible. If you have a genuine case of inaccurate property value assessment, you can appeal to the tax assessor to reduce property tax.

As a tax payer, you are entitled to challenge the market value attached to your property by the tax assessor. And, you must seriously consider finding out whether or not you need to make this appeal, because the system in place to assign values to properties is a mass algorithm that many times takes into account thousands of properties.

The need for such a system is obvious. In most cases, it is not possible for the assessor to take one property at a time and calculate its market value due to lack of resources. The result of this restriction is inaccurate property value assessment.

To make sure that you are not being affected by this limitation of the system, you should assess the current market value of your property yourself and notify the authorities if there is a difference between the present value of your property in the market and the assessed value.

The authorities may not have the resources to examine one house at a time, but there are property value assessment services that can not only assess the value but also provide you with information about comparable real estate in your locality - information that will come in handy when you file your claim.

With your application to reduce property tax, you should provide the tax assessor with the current market value and "evidence" to support your claim. The biggest proof you can provide to support your case is the details, including sale price, of like properties present in your neighborhood.

A good value assessment and comparison service will provide you with the market value of your house and data on other comparable houses sold in your neighborhood. The report containing information on comparable sales may cost you some bucks, but it will immensely strengthen your case and you may end up saving on property tax.

Tax reassessment is something you should definitely consider, because there are clear flaws in the tax assessment system. When making your appeal, make sure that you have solid evidence to persuade the tax assessor to rule in your favor. (EA)