Wednesday, May 09, 2007

Your Property Tax Bill May DROP!!

Yes, your property tax bill may be lower this year!

Here's a brief overview of the assessment process: The assessment value of homes and other property is usually linked to fair market values and determined by local government. The assessment is made up of two components – the improvement or building value and the land (or site) value. The person with overall responsibility for accurately assessing the current value of properties in a local jurisdiction is the tax assessor. S/He's the public official who must set the value of properties for the purpose of apportioning the tax levy.

The assessor's office usually maintains inventory information about improvements to real estate, and creates and maintains up-to-date tax maps. The assessed value of a home is normally determined by one or more accepted methods of valuation. Assessments may be given at 100 percent of value or at some lesser percentage.

In most cases, the determination of value made by the assessor is subject to some sort of review, if an appeal is instituted by the property owner. Taxes are based on fair market values of individual properties. The local assessor then applies an established assessment rate to that fair market value. By multiplying the tax rate by the assessed value of the property, a tax due is calculated.

If you feel the property tax bill you receive is too high, you can always appeal for reconsideration. Be prepared to document why you believe your property is over-valued by the assessor. Contact your local assessor's office for information about their appeal procedure. Contact your Realtor for an up-to-date Comparative Market Analysis (CMA) on your property for your documentation.

Lorraine, Realtor
Visit my web site at
I can also supply you the CMA for free!


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