Real estate values throughout the United States have fluctuated and dropped dramatically over the years. When it comes to property tax purposes, however, most properties have not been reassessed accurately. County tax assessors reassess land every couple of years. Unfortunately, it is possible for these assessors to make mistakes, and assess your property value above anything that resembles its fair market value.
This means that property owners often find themselves overpaying on property taxes as a result due to the considerable disparity between the actual property value and the assessed property value.
If in the spring or early summer you find yourself receiving a notice of your property’s value and you believe the figure is unreasonable, it may be necessary to file an appeal to the County Board of Equalization before the statutory deadline. By failing to appeal before this deadline, you may have to live with the county’s assessment and pay the property tax bill resulting from it.
With today’s economy, every dollar matters. The amount paid on property taxes can greatly affect your finances. As a property owner, it is in your best interests to pursue a property tax appeal to ensure that the value of the property is assessed accurately. Doing so can result in significant savings, since the property’s fair market value will be used for property tax purposes.
Of course, numerous factors must first be considered when deciding whether or not to challenge an assessment. These factors include the property’s current market value, as well as the practices and methods used by local assessing authorities.
The assessment and taxation process is a complex one that involves the dynamic interaction of the taxpayer, the taxpayer’s counsel, and several government officials and agencies. If you are considering filing a tax appeal, it may be best to seek help from a knowledgeable attorney. An attorney will be able to minimize your property tax exposure on properties you own, lease, or manage to the greatest extent possible under local ordinance and state statute.
Consult with an Attorney
Has your property been valued inaccurately? Are your property taxes too high compared to the actual property value? James B. Griffin can help see to it that your property tax appeal moves through the system effectively and efficiently and that it substantially reduces your payments. Call James B. Griffin today at (205) 502-2199.