Property Tax

Property tax tend to rise per year and if you feel that the tax imposed on you is not fair, you should consider getting it reassessed. According to a survey, over 60% of property owners are over-assessed by the city taxation authorities and only about 2% of them request reassessment.

Property tax is one of homeowner’s annual biggest expense and if you don’t scrutinize your property levy assessment, you could be paying more than you should. Before you apply for assessment, here are some things you might want to know about.

What are the factors that affect property value? Some of the factors that affect your property value include the size of property, the additions you’ve made to your property, and tax rate of your city. This means that if you have a valuable property and is located in prime locations where property prices are also steadily increasing, expect an increase in your taxes as well.

When do you file for reassessment? Before you file for reassessment, it is important to do your research first. Check how much your neighbors with similar property pay per year on their property tax. Also, you might want to check out properties for sale in your neighborhood and how much their asking for the properties. Have the prices gone up or have they gone down? If the properties for sale have decreased in value or if they had been up for sale in a long time and not getting purchased, you could use it to prove your case.

Also, before you file for reassessment, assess the value of the additions you made to the house. Any additional living space you’ve constructed in your property will be a contributing factor to your increasing property tax.
You should also get your property tax card, which contains information about your home, so you’ll have an idea how your property tax was calculated. There might be discrepancies in the information, for instance the number of bathrooms your house has, which have risen your property tax.