For many current homeowners, perhaps one of the only positive things to come out of the decline of the housing market across the nation is that their home’s value has decreased and it could end up saving them some money in property taxes.
Fathers may be able to save a significant amount of money by having their homes reassessed to reflect the current market in their area.
Bankrate.com reports that the National Taxpayers Union, a Washington, D.C., advocacy group whose goal is to lower taxes, estimates that as much as 60 percent of taxable property in the U.S. is over-assessed. But despite the growing tax bills, only half of homeowners protest their assessments. That means many may be paying more property taxes than necessary.
Your local tax assessor is in charge of determining the value of properties to determine how much tax homeowners will pay. If your home hasn’t been assessed in several years, now may be a good time to contact the assessor’s office to appeal your assessment.
This process may take a bit of research and work on your part, but could be worth it in the end. The appeals process usually takes between 30 and 120 days and involves the homeowner filing paperwork to make his or her case.