Managing your property taxes is a rather large job, and it can be hard to know where to start. It’s a time-consuming and complex process, which leads many to simply pay the amount due base on the tax assessment of the property. This could cost you a lot more than it should.
About 50% of property tax cases can be appealed and may result in a lower tax bill. You could be paying thousands more each year than you should. Here are four of the most important property tax factors to watch to make sure that doesn’t happen.
The value of your property matters. Since the taxes are based on the value, you need to know what your property’s value is. Do your own review to ensure the assessment is accurate. This will also help to prepare you if an appeal becomes necessary.
When you receive your property tax assessment, compare it to the property value you came up with for accuracy. If they are the same or very similar, it may be accurate. However, if the value you found and the value of the assessment are not even close, you may want to consider an appeal.
Timelines for Assessments
You need to know the assessment timelines for your jurisdiction to ensure things are handled on time. This will help you create a plan for property tax management. Be alert if values are rising. Make sure your assessments are revised down if values are dropping.
Understanding the deadline for submitting your appeal is also important. These can be very short and you have to be ready to act if you believe you need to appeal your property tax assessment. Make sure you consider the deadline within your plan and verify the deadlines with your jurisdiction.
Every jurisdiction is a bit different when it comes to the requirements of an appeal. This includes the paperwork you will need to complete, and where you need to file. It’s a good idea to gather all the information ahead of time to speed up the process.
When you’re the one in charge of handling your property taxes there’s a lot to keep in mind. It’s important to make sure you only pay the amount you should for your property taxes. If you’re not sure how to handle an appeal, contact Property Tax Adjusters, Inc. for help.