Do you need property tax assistance?
Before you answer this admittedly published question, ask yourself how much you really know about the accuracy of your home or business property valuation assessment for property tax purposes.
If the honest answer is “Very little!” You at least owe it to yourself to determine if maybe a little real estate tax relief is needed. The fact is that understanding how to strategically apply such assistance can result in hundreds or even thousands of dollars back in your own pocket this year, and for years to come.
And with the help of property taxes, let me be very clear that what I really mean is the simple knowledge required to challenge unfair real estate tax assessments.
The amount of property tax levied on your property, whether residential, commercial or industrial, should be based on the actual market value of the property. The relationship between the value of a property and the taxes you have to pay for it was actually built in the early days of American history, today ad valorum taxes (from the Latin meaning “according to their value) first appeared.
Nothing has changed over the years, except that with millions of properties requiring accurate valuation today, it is all too common for many of these properties to be inaccurately valued, and their owners are unfairly taxed. You could easily become one of these owners.
The market value of any given property is really just what a reasonable person would offer a person for a property, taking into account what has been offered and is likely to be offered by other players in the same market for that property. If, for example, the market supports a price of $300,000 for a property, it is highly unlikely that a person with knowledge and access to that market will offer $600,000.
If your property has been appraised by a local tax assessor for $400,000 but you know very well that no reasonable person will offer you more than $250,000 for it, you urgently need property tax help! That help can come from yourself by taking the time to learn some of the basic steps in seeking a tax deduction, or you can seek professional help.
Professional help can mean hiring a property tax consultant or even a real estate attorney to file your case for a reduction in your tax bill.
But before you take that step, I highly recommend that you take advantage of some of the high-quality self-help training available in this area. For most people, a few hours spent preparing for an in-person application is the help they need.
I am often surprised at how reluctant people are to hold the government officials responsible for these erroneous property tax assessments accountable. But this is one area where a little effort can pay you dearly for your time and trouble.
Learning the steps required is fairly easy and you’ll likely be able to learn everything you need to know in an hour or two with one of the popular books or courses available on the subject.
Property tax help doesn’t have to be complicated or hard to come by, and you could save hundreds or even thousands of dollars a year on your troubles.