{"id":37,"date":"2013-04-08T13:19:26","date_gmt":"2013-04-08T13:19:26","guid":{"rendered":"http:\/\/westchestertaxrelief.com\/blog\/?p=37"},"modified":"2014-08-15T20:46:34","modified_gmt":"2014-08-15T20:46:34","slug":"when-to-initiate-a-property-tax-appeal","status":"publish","type":"post","link":"https:\/\/westchestertaxrelief.com\/blog\/?p=37","title":{"rendered":"When to Initiate a Property Tax Appeal"},"content":{"rendered":"

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As property tax bills start arriving in mailboxes, many homeowners might be surprised to find their assessed evaluation is higher than they anticipated.<\/p>\n

According to the National Taxpayers Union, between 30 and 60% of taxable property in the U.S. is over-assessed. What\u2019s more, middle- and lower-income taxpayers\u2019 properties are among the most often over-assessed, yet fewer than 5% of taxpayers challenge their assessments.<\/p>\n

Although assessment procedures and requirements vary by state, property tax is calculated by multiplying the assessed evaluation amount and the millage rate, or the tax rate on assessed value determined by local government.<\/p>\n

A notice of assessment is then mailed to the taxpayer stating the current value of the property as determined by the county assessor. If homeowners feel that they\u2019re being unfairly taxed based on comparable homes in the area, they should start by contacting the county assessor\u2019s office, says Richard Borges, president of the Appraisal Institute.<\/p>\n

\u201cHowever, don\u2019t assume that the assessor is out to get the property owner,\u201d he says. \u201cAssessors are charged with establishing equity in assessment unless the jurisdiction has some other type of regulatory or legislative control of the assessment process.\u201d<\/p>\n

When to Initiate an Appeal<\/p>\n

Homeowners may want to consider initiating an appeal if their state\u2019s jurisdiction is based on market value and their particular property\u2019s value has decreased significantly below the assessed value on their tax bill, recommends Borges.<\/p>\n

\u201cAside from inaccuracies, the best chance a consumer has of winning an appeal is to show a lack of consistency between their home\u2019s value and other comparable homes in the neighborhood,\u201d he says.<\/p>\n

A discrepancy usually comes to light after an appraisal or when the property is refinanced or sold, says Evans Hale, property tax consultant at Campbell & Brannon Property Tax Services LLC.<\/p>\n

\u201cThe appraisal value and\/or the sales price in either case is compared to the county’s value and this will give a good indication if the value is fair,\u201d he says.<\/p>\n

A current homeowner with intentions to sell the property may want to challenge the assessed value if they feel it is too high and could scare away prospective buyers.<\/p>\n

\u201cProactively as the current homeowner, I\u2019m not being taxed at that assessed value but I\u2019m trying to lower that assessed value to make it a more attractive home to buy from someone who would then be taxed at that assessment after the transaction closed,\u201d says attorney Dan Penning. <\/p>\n

Read more: http:\/\/www.foxbusiness.com\/personal-finance\/2013\/04\/05\/how-to-appeal-property-tax-evaluation\/#ixzz2PsWuxO82<\/p>\n","protected":false},"excerpt":{"rendered":"

As property tax bills start arriving in mailboxes, many homeowners might be surprised to find their assessed evaluation is higher than they anticipated. According to the National Taxpayers Union, between 30 and 60% of taxable property in the U.S. is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[16,15,18,19,22,23,20,14,21,6,4,17],"class_list":["post-37","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-assessment","tag-bills","tag-greenburgh","tag-mount-pleasant","tag-new-castle","tag-north-castle","tag-ossining","tag-property-tax","tag-rye","tag-tax","tag-westchester","tag-westchester-county"],"_links":{"self":[{"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/37","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37"}],"version-history":[{"count":2,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions"}],"predecessor-version":[{"id":40,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions\/40"}],"wp:attachment":[{"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/westchestertaxrelief.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}