Real Estate | Are You Paying Too Much Property Tax?

Do you feel like you’re paying taxes on real estate worth a lot more money than your home currently is worth? You could be right! Many people are paying too much property tax after their homes lost value with the recession. Luckily, this is something you can change by simply filling out a form and providing proof of your home’s valuation.

Something to be aware of is your “property card.” This is a log of your home’s value and the way it has changed over the years. Mistakes on the property card are not entirely uncommon, and these cards are public knowledge, so be sure to check that the number of bedrooms, bathrooms, etc. listed on your card is correct. If your home is listed as having 5 bedrooms and you only have 3, this could affect your home’s value and therefore your tax bill!

It is estimated that 30-40% of people who appeal their property tax assessment win their case. However, if your reassessment is denied or you’re still unhappy, you can sue the municipality in small claims court. The best thing to keep in mind through this process is to bring as much evidence as possible to the assessor, including the property card, a list of comparable homes in the area, and/or a current appraisal of your home.