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7 Steps to Challenge Your Property Assessment
Episode 225
7 Steps to Challenge Your Property Assessment
It’s great when the value of your home goes up, but there’s also a serious downside. Homeowners all across America are getting notices that their property taxes are increasing. But are those assessments accurate? And if not, what can you do about it? Today we’ll give you the 7 steps to challenging your property assessment.
Real estate analysts correctly predicted a surge in property taxes due to increased home values. Although rising home values are beneficial in theory, they often lead to increased property taxes that homeowners must pay immediately. However, homeowners can challenge these tax assessments, with a 20-40% success rate. To appeal:
- Determine the appeal deadline, usually indicated on the assessment notice.
- Understand the assessment process, typically a market value percentage.
- Ensure you receive applicable reductions, such as homestead exemptions or credits for certain demographics.
- Verify the accuracy of your property's official description for any discrepancies.
- Compare your property to similar local properties—considering size, features, and amenities.
- If your property is assessed higher than comparable homes, gather evidence and start the appeal process.
- File the appeal, possibly awaiting a few months for a decision.
If denied, there's an option to present the case in person to an appeals board. Sticking to facts is crucial. Homeowners can also hire an independent appraiser, ensuring the chosen appraiser is certified and that the jurisdiction allows external appraisals. If successful, the reward is a lowered tax bill annually.
You may be wondering if all this is worth it. Well, not if you discover fairly early in the process that your assessment is similar to comparable properties.
But if it isn’t, and you appeal and win your case, you’ll enjoy a lower tax bill year after year, and that would definitely be worth it.
On today’s program, Rob also answers listener questions:
- Should I cash out a life insurance policy with a cash value of around $8,400 and use it for prepaying funeral expenses, or should I continue paying the premiums?
Is it a good idea to gift my grandkids I bonds worth $200 each year instead of buying them physical gifts? - Living on disability due to cancer and raising a child alone, how can I keep afloat financially?
- How can I seek help for my shopping habits that have led to credit card debt after my children left for college?
- Should I manage my $300,000 in CDs on my own or stick with the AmeriTrade company, given the fees and returns I've experienced?
RESOURCES MENTIONED:
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.
Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.
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Published on 2 years, 2 months ago