How to Fight High Property Taxes | Waccabuc Real Estate
Death and taxes. Benjamin Franklin espoused their certainty, but it’s doubtful even he knew how difficult it would be to avoid the latter – especially property taxes.
No matter where you live in the United States, if you own real estate, you must pay property taxes. According to a recent study by Zillow, a U.S. property owner pays an average of around $2,800, or approximately 1.4 percent of their home’s value each year in property taxes. Of course, that “average” figure indicates some homeowners pay more while others pay less. The counties with the highest averages are Westchester County, NY ($14,829 per year); Essex County, NY ($12,051 per year) and Bergen County, NJ ($11,172 per year).
Deciphering how property tax rates are set is not easy. There is no single formula used by states and counties to calculate property taxes. In fact, more than 13,500 local governments have the authority to assess property taxes; all states allow local governments to set their own tax rates even though many states place limits on their rates.
Still, understanding the process is your first step toward knowing whether or not you’re paying too much in property taxes. Start by visiting your local assessor’s office to find out how they assess properties. Ask how you might go about appealing your assessment. Most municipalities require property owners to lodge their appeal within 60 days of when annual assessments are mailed; check with local authorities for details regarding your city or county and get copies of the forms you’ll need to complete. Homeowners cannot contest their property tax rates, but they may be able to lower the assessed value of their home by filing an appeal.
Once you have a basic understanding of the assessment process, you’ll want to do your due diligence to determine whether you’re being overtaxed:
Fact check
Get your property card from your local assessor’s office; in some municipalities, these documents can be accessed online. Your property card – also known as a property’s “working papers” or “worksheet” – includes factors used to determine your home’s assessed value: square footage, lot size, number of bedrooms and bathrooms, etc. If, for example, the assessor’s office believes your home includes a three-car garage but no such feature exists, it’s likely your assessment is incorrect.
https://homes.yahoo.com/news/fight-high-property-taxes-163809136.html
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