May 3, 2023


Homeownership Tips

Annual Property Tax Assessment

As a homeowner, it’s important to be aware of the annual property taxes you owe and to understand how you can dispute any increases in these taxes. Annual property taxes are a tax on the value of real estate property that you own, which are typically assessed and collected by local government authorities.

The amount of property tax you owe each year is based on the assessed value of your property, which is determined by your local government tax assessor. The assessed value is usually based on the fair market value of your property, as well as any improvements or changes made to the property.

If you feel that the assessed value of your property is too high and your property taxes are increasing too much, you have the right to dispute the assessment. The first step is to review your property tax assessment notice and determine whether there are any errors in the assessed value of your property.

If you believe that there is an error in the assessed value, you can request a review or an appeal of the assessment. This typically involves submitting an application or a form to your local government tax assessor’s office, along with supporting evidence that proves your property’s assessed value is incorrect.

Examples of evidence you could provide include a recent appraisal or a comparative market analysis of similar properties in your area. You may also want to consider hiring a professional appraiser or real estate agent to help you with this process.

If your appeal is successful, the assessed value of your property will be adjusted accordingly, and your property tax bill will be reduced. It’s important to note that the appeal process can be time-consuming and may require legal assistance in some cases.

In conclusion, annual property taxes are an important aspect of homeownership that should not be overlooked. By understanding the assessment process and knowing how to dispute an increase in property taxes, you can save yourself a significant amount of money each year. Don’t hesitate to seek professional advice if you are unsure about any aspect of the property tax assessment process.