Property tax is a tax or fee an individual or legal entity pays to a local government based on the assessed value of their property. Generally speaking, property taxes are regressive taxes, as they usually are implemented as ad-valorem taxes, which is a tax based on assessed value.
Property Tax Appeal Process
Many times, properties can be overvalued by assessors. If an individual or entity disagrees with the assessment given of their property, which is usually obtained through an assessment letter, they can undergo a property tax appeal process.
First, research should be done comparing the assessment of your property to other comparable ones. Next, you can talk to your local assessor about the assessment. If you still don’t like the results, you can appeal the review, with or without a lawyer. This last step can be quite lengthy, depending on the jurisdiction.
Reasons to Appeal a Property Tax Assessment
There are multiple reasons to appeal your property tax assessment. Here are a few of the major ones:
- You feel as though your property has been overvalued in its assessment (and you can prove it).
- You want to save money on your property taxes.
- You want to potentially minimize your property taxes in the years to come.
The major benefit of the property tax appeal process is that you can save hundreds, sometimes thousands, of dollars. It is important to note that you cannot change the rate at which your property is taxed, just how much your property is valued.
Property Tax Appeal Tips
There are ways that you can make your property tax appeal process a smoother experience. Here are a few tips:
- Find out the time frame in which you can appeal.
- Appeal online if you can.
- Check your emotions at the door—they’ll only make things worse.
- Make sure you do thorough research.
- Consult an attorney or tax professional.
If you are looking to ease your tax burden, look no further than Tax Help MD. We have helped clients from all walks of life breathe a little easier by working with them to reduce their tax burden. Contact us to schedule an appointment.