When To File A Property Tax Appeal

Posted on: 23 March 2023

Property taxes are a burden on homeowners, and in some cases, they can be far too high. Fortunately, if you feel as though your property taxes are excessive or unreasonable, you can file a property tax appeal with your local taxing authority. 

Here are a few times when it might make sense to do so.

When Your Property Assessment Is Too High

Property tax appeals can be necessary when the assessed value of a property is higher than it should be. This can sometimes mean that homeowners are paying more taxes than they should due to an inflated property evaluation. If this is the case, appealing the assessment can provide essential relief from overpaying high taxes.

Property tax assessments are typically done by local authorities annually to assess what a particular home or piece of land is worth and then set a level of taxation accordingly. 

However, these appraised values often become outdated and may not accurately reflect current property values. In such cases, filing an appeal can help to ensure that homeowners only have to pay taxes that reflect their actual property value rather than an artificially inflated amount.

Homeowners may also consider filing a property tax appeal if there are any mistakes in their existing assessment documentation or if they feel their local municipality has unfairly raised their assessment beyond what the actual market value currently stands at. 

By going through the appeals process, homeowners can ensure they're not paying too much in taxes and potentially reclaim thousands of dollars in savings each year.

When Your Property Taxes Increase Significantly

One good reason to appeal a property tax is if your taxes have increased significantly since the last assessment. 

Property taxes are typically calculated on the estimated value of your home or land and can be adjusted periodically to reflect changes in the marketplace. If your property values have dropped, but your taxes remain high, filing an appeal can often help you lower your payments and save money in the long run.

It's also worth noting that property tax increases may not always result from an unfairly high assessment. Sometimes, local municipalities may have raised taxes on all homeowners to fund certain initiatives or projects. In these cases, appealing your property tax may not be effective, as the increased taxes are likely to be applied across the board.

If you're wondering whether or not to appeal your property taxes, talk to a property tax appeal lawyer. They can help determine if filing an appeal is the right course of action and guide you through the filing process so you don't have to worry about missing out on any potential savings.