What To Do If You Disagree With Your Property’s Assessed Value

January 11, 2022 

When you receive a property tax bill and see your home’s assessed value, you may disagree with the figure. If your property’s value is assessed higher than it should be, you may be charged more for taxes. You can request a review and may be able to have your home’s assessed value and your property tax bill reduced.

How Property Taxes Are Calculated
Your property tax bill is based on your home’s assessed value. An assessor considers factors such as the size of your house and lot, your home’s location and condition, the values of other properties in the same neighborhood and the recent sale prices of comparable homes.

Why a Property’s Assessed Value May be Inaccurate
A significant percentage of homes across the United States are assessed above their current market value, but only a small percentage of homeowners dispute their assessments. An assessment may be based on inaccurate information related to a home’s square footage, number of bedrooms and bathrooms, and other features such as a garage or pool. Some homeowners are entitled to exemptions because their home is their primary residence or because they are veterans or disabled. If the assessor was working off inaccurate or outdated information, a home may be valued too high.

How to Dispute Your Assessment
Look at the information that the assessor used. If you believe that your property’s value was assessed based on inaccurate information, or if you think you didn’t receive an exemption that you’re entitled to, you can appeal your assessment.

Comparing your home’s assessed value to those of similar properties nearby can help you figure out if your house’s value is in line with others. A real estate agent can provide information on recent sales of comparable homes in your area. Some agents will provide that service for free, but others will charge a fee.

Research the assessment appeal process in your city or town. Learn about the types of documentation that are required and whether you can file an appeal in writing or if you will be required to attend a hearing in person.

Make sure that you meet all the deadlines. You may only have a limited window of opportunity to appeal your property’s assessed value. The time frame varies from one municipality to another. If you miss a deadline, your appeal may be automatically denied.

You can dispute your assessment on your own, but you may want to seek professional assistance. If so, you can hire an attorney, a CPA or a company that specializes in property tax appeals.