Tag: property taxes

3 Steps To Appealing Your Property Taxes

On Tuesday I talked about property taxes. And today I am going to talk about how to appeal your property taxes if you feel that they are too high. Like I said before, property taxes are based on your homes assessed value, so if you feel that the value of your home as declined or is otherwise less than what it has been assessed for you may be able to file a grievance to have your property taxes reassessed. If you think you’re in this position, here are three actions for you to take:

On Tuesday I talked about property taxes.  And today I am going to talk about how to appeal your property taxes if you feel that they are too high.  Like I said before, property taxes are based on your homes assessed value, so if you feel that the value of your home as declined or is otherwise less than what it has been assessed for you may be able to file a grievance to have your property taxes reassessed.  If you think you’re in this position, here are three actions for you to take:

1.  Find out if and when there is a specific time to file a grievance with the county assessor and research the steps and guidelines that apply to your home.  Typically there is a specific time period each year in which grievances are accepted, so you need to find out when that is.  Every area is different, so you can start by visiting your local assessor’s website to get information, figure out the requirements for your home, and download forms to start the appeal process.

2.  Get research to back up the claim you are making about your home’s value.  In order to appeal you will have to prove your home’s market value is lower than its assessed value.  To do this, you will have to get the sale information of comparable homes in your neighborhood that have sold in the past six months.  Remember, that you are not just looking at the prices of all homes that have sold, you want to find comparable homes, so you’re looking for information on homes with approximately the same number of bedrooms, bathrooms, square feet, yard space, etc.  Also remember that home values vary widely from neighborhood to neighborhood, so you want to look for the comps in your specific area.

3.  After you’ve done the research on your home’s fair market value, if you find the number truly is lower than your home’s assessed value you should complete the forms and submit your documentation.  If the appeal doesn’t turn out in your favor, you usually have the right to appeal in person with that decision being final.

Although it does hurt when property taxes go up, just remember that this is actually good news because it means that the value of your home is also rising!

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

All About Property Taxes

Property taxes can be a significant portion of your monthly house payment, yet most people are painfully unaware of the ins and outs of property taxes and are happy to just be able to pay the bill each month. When you’re looking to buy a home, the property tax information is available on most real estate websites, but that information is not always accurate.

Property taxes can be a significant portion of your monthly house payment, yet most people are painfully unaware of the ins and outs of property taxes and are happy to just be able to pay the bill each month.  When you’re looking to buy a home, the property tax information is available on most real estate websites, but that information is not always accurate.  Although the information listed about property taxes may have been the amount paid in the previous year, property taxes are calculated according to the value of the property.  These are calculated yearly, and generally, when you buy a home the sale price is considered to be the assessed value.  The issue is that there are state laws that only allow the property value to be assessed at a small increase each year, so if the home hasn’t been sold in a long time, the home may have appreciated more than the assessed value shows, in which case a buyer’s property taxes can be much higher than the current taxes.  Of course, if the home has depreciated, this can mean your taxes are much lower.  On top of that, there are also lots of different tax exemptions that you or the previous owner may or may not be eligible for, so if you’re eligible for a different amount of tax breaks, that’s another reason that your property taxes will end up being higher (or lower) than the previously paid amount.

To best estimate what your taxes may be ask your realtor and/or mortgage broker to help you find out what the tax rate will be in the areas you are looking at then multiply your estimated purchase price by that rate.  Just keep in mind that this is only an estimate and that laws, assessment rates, and values can all change in the future.

Although it is difficult (or impossible!) to know exactly what your property taxes will be, these tips should help you be able to estimate more accurately than the tax history you find on a real estate website.  Happy house hunting!

Thinking of buying or selling a home in Sussex County?  Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.