The problem is that once the bill comes, it's too late.
Appeals are based on assessments, and the governing authorities (usually counties) provide you a short window in which to file for an appeal.
The amount of your tax is calculated on the assessment and the size of the tax levies.
Unless the assessor performs a wholesale re-assessment for all properties in their jurisdiction, it's up to you to make sure your property value is correct.
Even when the assessor does change your valuation, in many cases, their value is incorrect.
"An overvalued, over assessed property is one of the most common and successful grounds for challenging your tax bill," according to Eric Cunliffe, senior vice president at http://www.
RealEstate.
com.
As we all know, real estate prices have taken a hit in the last few months.
Undoubtedly, valuations will be down.
Unless a county-wide reassessment is in the works, your value will likely be higher than it should.
Even if the county reassesses all their properties, that doesn't mean their tax levies will stay the same.
In fact, they will likely increase - to make up for the reduced overall valuation of all properties - such that your total tax bill will be even higher than before.
According to the National Taxpayers Union, as much as 60% of all properties are assessed at higher amounts than their true value.
There are numerous clerical mistakes as well according to the American Homeowners Association.
Look for the tell-tale signs of assessment errors:
- Drop in selling prices of homes in the neighborhood.
- Errors in the real estate description on your property tax statement.
- Neighborhood changes that affect all property values such as storm and sewer problems, increased traffic, rezoning, and so on.
- Depreciation of your property, including roof aging, foundation cracks, HVAC needs or other defects.