Understanding Property Tax Assessments And Appeals

Many homeowners have noticed a significant increase in their real estate's value over the past few years. In 2022, the median home sale price was around $386.300, a 10% boost year over year. In addition to the meteoric rise in home prices, homeowners can also notice a significant increase in property tax bills, with an average of 18% over the past few years. However, there are only a few homeowners who ever initiate an appeal.

While home price growth slowed in the past year, residential property values have skyrocketed over the past couple of years. This means that property assessments (and the taxes stemming from increased home values) will also increase. If you are a recent homebuyer taking on a mortgage, taxes will make up for a small share of your monthly payment.

However, for homeowners who have owned their property for a while and have paid most of their mortgage, taxes represent a more sizable chunk of their housing costs. If you have also noticed that your tax bill has increased, appealing your property tax assessment can help reduce your tax liability. However, if you are wondering how to appeal a property tax assessment or want to find out what it entails, you have reached the right place.

What Do You Mean By Property Tax Assessment?

Property taxes are the primary source of income for local government. However, this doesn't change the fact that they remain a significant financial burden for homeowners even after spending years paying off their mortgages.

Property tax assessment helps determine the overall value of your property. This assessment is performed by government employees who use this information to calculate the total taxes due.

What Do You Mean By A Property Tax Appeal?

You should receive a property tax bill if you own a real estate property. Since most tax assessors generally determine tax rates in a mass assessment, your new tax bill might not accurately reflect your home's value. As a property owner, it is your right to appeal the assessed value of your real estate. Doing so can help reduce the total amount you must pay on your property tax bill. There are a few common instances where it's best to appeal your tax assessment. These include but are not limited to:

• Recent local sales are less than the estimated price.
• A change in control or ownership of the property.
• Some information on your assessment is not accurate.

Benefits Of Appealing Your Property Tax Assessment!

Appealing your property tax deduction can help save you thousands of dollars, especially if you live in a high-tax state. Even if you only get a 10% reduction in your home's assessed value via an appeal, it can mean substantial yearly savings. Filing an appeal requires no out-of-pocket costs except a small filing fee.

Most professionals who help homeowners appeal their property taxes work on a contingency basis. This means they only get paid if they are successful. A successful appeal can give homeowners financial relief, making it a lucrative and worthwhile endeavor.

Property tax appeals help empower homeowners to protect their financial interests, ensure fair taxation, and contribute to a more equitable tax system.

For over 30 years our experts have successfully saved Long Island homeowners millions of dollars in property tax payments.