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One of the more significant expenses associated with home ownership is property taxes. Yet most
homeowners pay their tax bill without checking whether the assessment is accurate. Consider these steps to verify your property
tax assessment:
- Understand how your assessment is calculated. Many homeowners look
at their assessment, see it is less than the home's market value, and leave it at that. However, most assessments are based
on a percentage of full market value. Just because your assessment is less than the home's market value doesn't mean it is
correct. If it's not clearly stated on the assessment notice, find out how the assessment is calculated from the assessor.
- Verify your home's information on file at the assessor's office. Make
sure all information is
accurate, including square footage, number of bedrooms and bathrooms, whether the basement is finished,
etc. Also check for clerical errors in any calculations. Verify that any tax breaks you are entitled to are reflected in the
records, such a reductions for a owner-occupied home or for the elderly, disabled, or veterans.
- Check values of comparable properties to see whether your assessment is in line.
It is best to find comparable properties of a similar size in your own neighborhood, checking at least three to five properties.
- Appeal if you find an inaccurate assessment. Forms are typically
available at the assessor's office, but adhere to the deadlines. Most appeals must be filed within a narrow time period. Consider
discussing the issue with the assessor first, since it's not unusual for an assessor to correct an error without an appeal.
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