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Property Tax Reassessment Questions
By The BIDaWIZ Team of CPAs - January 28, 2010 Share:
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If you believe the current value of your home is lower than the last assessed value (i.e. basis for property taxes), then it might be time for a reassessment.
How Are Property Taxes Determined
Although
the process may vary, generally speaking, a county tax appraiser will make an assessment based on the value of the home, size
of home (sq. ft), number of rooms, property area, selling price and value of
similar homes.
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Should I Request a Reassessment?
You
will want to review this decision carefully as the process and results from
reassessing property often vary by state, county, & municipality. But, as a general rule if the housing market for similar homes is well below the last assessed value then it probably makes sense. If this is the case, be sure to have substantial evidence that supports your claim (i.e. recent similar home sale prices, feedback from realtors, housing market data etc.).
How to Petition a Property Tax Reassessment
The first move is to contact your county appraiser as they initially made the assessment. Ask for the appraisal details and specific
methodology the appraiser used to reach a conclusion. If you still disagree with the evidence then you can file a petition to appeal with all of the supporting evidence that suggests the assessment was inaccurate. The more credible supporting evidence you provide, the better.
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Paying Property Taxes
You pay after the end of the year and in certain areas you can process payment with a credit card. In some cases, the taxpayer set up an escrow account when the home was initially purchased which means that the taxes are automatically paid out of the escrow.
Property Taxes Are Deductible
This means that state, local, or foreign taxes on your real property are deductible which as we mentioned above is based on the assessed property value. Please note that many states and counties also impose local benefit taxes for improvements to property (i.e. sidewalks) which cannot be deducted.
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More Tax Questions?
Your specific situation may not fall under the circumstances detailed above. If so, the Tax Advisors are Here to Assist.
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