Basically, property tax bills are
generated by taking the assessed value of a property and multiplying
that value by the tax rate for the area where the property is located.
Taxpayers that can demonstrate that the assessed value on a given
property is too high can lower the tax bill for that property.
Detailed below are six simple, yet effective
actions that taxpayers can take in order to make a successful argument to
lower the assessed value on a given property.
- Review the current assessment from the
county assessor's office and look for obvious errors with regard to
the size, description, and/or condition of the property in question.
Be certain that there is no personal property included in the
- Compare the assessed value of the
property in question with similar properties in the same neighborhood
and look for discrepancies. These assessments are public information
and are available at the county assessor's office.
- Check recent sales prices of homes in
the same neighborhood that are similar to the property in question.
These prices are also public information and can be obtained from a
- Obtain a copy of the most current
appraisal for the property in question and/or have a new appraisal
- List factors that could decrease the
value of a given property at the point of sale. Factors that could
lower a property's value include an unusual floor-plan, a busy street,
and/or a recently constructed shopping complex close to the property.
- Be sure to take full advantage of
special exemptions. Some states permit reductions in property taxes
for veterans and/or senior citizens. Certain states also permit
reductions in property taxes for historic buildings and/or buildings
that have installed special energy conservation systems.
Even if it is not possible to get the taxes
for a specific property reduced this year, taxpayers should keep a
watchful eye out for future increases.