Property Tax Relief Guide: 5 Steps to Freedom

With the slumping housing market, it would make sense that your property taxes would go down as well.

Unfortunately, that’s not usually the case. Your property tax will probably stay about the same, even though the value of your home has depreciated, because it was assessed a year or two earlier, before the bottom dropped out of the housing market.

Even though you may be a year or two away from having your property reassessed, that doesn’t mean you still can’t find some way cut your property tax. It’s just a matter of knowing where to start.

Here are 5 steps you can take to get you the property tax relief you need:

1. Get Your Property Reassessed

   This is your first step toward property tax relief. As a homeowner, you want the value of your home to match today’s market prices. If property values drop, so should your property tax.

2. Learn the Property Tax Formula

   How do assessors determine how much your home is worth?
   Learn how home value is assessed and the formula behind it. Do your research and make sure you understand tax relief jargon and the system that calculates your home’s final value. Understanding the process is the quickest way to getting property tax relief.

3. Pay Attention to the Details

   Go through every detail on your forms and assessment documents. There is a good chance there will be mistakes or miscalculations on your home’s assessment.

4. Find Out What Your Neighbors Are Paying

   Just when you thought the research was done, it isn’t. Do some digging and find out how much similar-sized homes in your neighborhood are priced. If there is a vast difference, 10 percent or more, it may mean your home is overtaxed. Organizing and comparing the values of homes in your neighborhood will make your argument for a lower tax assessment stronger.

5. Prepare For the Review Process

   Before submitting the research you gathered, double-check each detail. To get the tax relief you need, acquiring outside help—such as an appraiser, who can determine with more certainty the value of your home—may be beneficial, especially if you stand to get back a hefty sum.

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