- How to Win Your Property Tax Protest :: Real-Estate-Informant.com

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How to Win Your Property Tax Protest
Added: 01/02/2004 Type: Summary Viewed: 904 time(s) [ Not Rated Yet ]

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How to Win Your Property Tax Protest

It is almost certain that your property taxes may have been reassessed at a higher rate. First will come a notice of assessment, followed by your new tax bill. Depending on home sales in your area and how badly your tax assessor needs to collect higher taxes, your property taxes could be raised excessively.

Some homeowners most likely will be happy about the assessment increase, thinking their house was a great investment. But, the higher the appraisal the more the pay in property tax. When you the homeowner is ready to sell your house, its value may have to be lower than the assessed value, and it is too late to claim all that extra tax you paid. So if you've already received that excessive property tax bill this year, there are some good news for you. You have the right to contest the new assessment, and it isn't too much trouble.

There may be homeowners out there who think that researching property taxes is more of a hassle than paying them. With new realty valuation software such as the one found at Residential Tax (www.residentialtax.com) this is no longer a hassle.

It is widely known that lower property taxes are directly proportional to lower assessed values. So what is the "assessed value"? The assessed value is the amount of money the assessor THINKS your property is worth. Your objective, then, is to find a way to lower the assessed value of your home and to convince the assessor that you are right.
The Dallas Appraisal District says there are three circumstances in which you have substantial evidence for a case:

Sales of Comparable Properties
Sales of comparable properties with photographs should include the following information, if available: 1) property address; 2) sales date/sale price; 3) grantor/grantee; 4) volume & page number; 5) financing terms/source/confirmed by; and 6) appraisal of subject property, date and reason for sale.

Proof of Physical, Functional or Economic Obsolescence
This type of information can be documented in a variety of ways. The best type of documents is usually estimates for repairs from contractors and photographs of physical problems. All documentation should be signed and attested. This means you must furnish documented evidence of your propertys needs.

Sale of Subject Property
A signed and dated closing statement is required. The closing statement will include a description of the property being transferred. A copy of the sales contract and the volume and page number of the deed filing will be required in some cases. Photographs of your property are also good forms of evidence.

If you fit into any of these three categories, you have reason to pull together a case and appeal your assessment value. Over assessed property is one of the most common and successful grounds for challenging your tax bill so it is important to determining the value of your property. This requires examining your tax records in the local assessor's office to ensure that the data on which your assessment is based are accurate and complete. You'll also want to look at homes in your neighborhood that are comparable to your property and find out how much they're paying for property taxes.

It's not easy work, but it's certainly worth your effort. If you feel you can't tackle this on your own, you may use services provided by companies such as Residential Tax (www.residentialtax.com). They have done all the homework for you. You just have to print their report which run from $14.95-$24.95. Don't sit helplessly watching your tax bill rise year after year. You could be saving hundreds, maybe even thousands of dollars annually.

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