Taxes Going Up? Fight It With A Free Market Analysis

This time of year brings a new tax accession, and a lot of homes taxes are going up.  Property tax increases are based a homes value, not the increase of local government taxes.  As home values increase so do their assessed values, and that means taxes are going up.

"The National Taxpayers Union estimates that as much as 60% of taxable property in the U.S. is over assessed."  Despite the large number of homeowners taxes going up, only half of those homeowners protest their assessments.  This means that their are a lot of homeowners out there paying too much for their property taxes. 

Why would anyone pay too much for their taxes? The answer is simple, it's education. Most homeowners don't know they can fight their assessed value, and they don't know how.

My Taxes Are Going Up And I Want To Fight It!

It's easy, just contact your local real estate agent, and ask for a CMA (Current Market Analysis).  Your real estate agent will then come to your home and compare it to recently sold homes, homes on the market, and will gather information about your neighborhood. You can also pay for an appraisal by a professional appraiser, however that is going to cost you more money.

The market analysis your real estate agent does is a lot more accurate then a county accessed value.  By having a more accurate and detailed analysis, you can then apply to fight the county accessors offer, and be confident in your information to get your taxes lowered.  To get your taxes overturned, you have to have irrefutable evidence that the assessed value is not correct.

What Are Your Chances Of Getting Your Taxes Reduced?

You would be surprised at the number of mistakes an assessment can have in it.  Many assessments are done by looking at a description of a property, and the assessor doesn't even visit your home.  This method is quite common considering the amount of homes an assessor has to determine value for.  They may also use historical data, which may not have the correct square footage, or something that may not be in the home anymore.

You need to make sure that the changes to your home that would effect the value negatively are taken into account.  For example:  A new road was put in your neighborhood that has a lot of traffic, this may decrease your value.  

Most cases are handled in an informal manor. All you have to do is contact your assessor, and discuss why you think his assessment is off. Some county's allow this, others don't, so check with your county assessment office.  If you can't come to an agreement with your assessor, you may have to hold a formal hearing. 

This is where your local real estate agent can be of great service. They will gather your comparable information, photos of the homes, and all the data associated with the current housing market. They will also do a detailed assessment of your home in person. This can be all the difference, especially if your assessor didn't come to your home.

If you have any questions about the process, you need to contact your local agent, and your county assessors office to found out the details of your area.  Good luck!

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