Did you know you can save up to thousands of dollars by challenging your property tax bill? Follow these 3 easy steps and cash in on your taxes in less than 30 days.
1.
Find Out if You are Being Overtaxed Taxing authorities use different methods to calculate home values.
Some look at recent sales of similar homes.
Most County Assessors mail out tax notices and bills as early as July 1.
Tax rates vary from city to city, but generally a fair rate is set at 1.
2% of your assessed value.
You can check your annual taxes online at your tax collector and county assessor's websites.
You should also find at least three comparable homes that were sold in 2008 to build your case.
Real estate appraisers offer to do this for a fee.
2.
Astray from the Herd The evidence the assessor used to value your home is based on a wholesale or bulk review of all the homes in your area.
Because a "wholesale" review is not unique to your home or property, your home may be overvalued and needs to be re-assessed.
You are eligible to file an appeal to have your property re-assessed to reduce your annual property taxes.
Some California homeowners are over-paying as much as 50% in property taxes.
Make sure you are not overpaying.
When municipalities or counties re-assess property values, they typically hire an outside contractor who looks at hundreds or thousands of homes in a tight time period.
These are bulk assessments that neglect the individuality of each home.
When filing an appeal, point out all the features of your home that makes it unique: square footage, number of bedrooms and bathrooms.
Does it have a fireplace or swimming pool? Is it a condo or single-family home? These attributes are important in having your property re-assessed.
3.
Let the Experts Do the Dirty Work You won't have much time to file an appeal, generally 60 days or less from the time your annual tax assessment was mailed.
When filing an appeal, the homeowner needs to know a great deal about the current market conditions, the value of his or her property and extensive knowledge of comparable properties.
This information serves as evidence that you are being over-taxed.
Filing the appeals application on your own can cause your application to be denied and force you to pay higher property taxes than you should.
The No.
1 reason County Assessors deny appeals applications for re-assessment and summon homeowners to court hearings is because applications not completed by professional real estate appraisers often contain mistakes and inaccurate market information.
Do yourself a favor and hire an affordable real estate appraiser that will do the hard work for you.