What Is Property Tax Assessment And Why Should You Appeal It

1. WHAT IS PROPERTY TAX ASSESSMENT AND WHY SHOULD YOU APPEAL IT?

2. Long Island has some of the country’s most valuable homes and other real estate that help generate large amounts of tax revenue for the city. While the city has a process for determining each property’s real estate taxes, you might sometimes have differing views on the results. The annual assessment period is also coming with the new year upon us.

3. If you are wondering how to appeal property taxes or want to find out how the city’s assessment process works, you have reached the right place. But before discussing why you should consider challenging an assessment, let us learn how your property is assessed.

4. Property Tax Assessment: What Is It? Property taxes are one of the primary sources of income for most local governments. However, they can also be a significant financial burden for homeowners that they must continue to pay even after their mortgagee. During your property tax assessment, a government assessor determines the actual value of your property. This assessment is the basis for calculating your annual taxes, which you must pay in intervals depending on your country and state regulations. Some key factors that might influence your tax assessment include, but are not limited to:

5. Appraised Value: Your property’s value, also referred to as the fair market value, is ideally determined by an experienced inspector’s subjective assessment of its characteristics and market comparisons to similar properties. Assessed Value: Your home’s assessed value could vary from its appraised value. Changes in ownership and recent additions to your property are two examples of cases that could affect your real estate’s valuation. Taxable Value: The tax value of your property is determined by deducing exemptions from your property’s assessed value and then multiplying the final amount by the millage rate in your area. Now that you understand what property tax assessment is let us check out how and why you should appeal your property tax assessment.

6. Top Reasons Why You Should Appeal Your Property Tax Assessment! All property owners receive a hefty property tax bill. However, you must remember that a tax assessor will ideally determine your property tax rates in a mass assessment project. This means your latest property tax bill might not reflect the current value of your property accurately. It is up to you whether you wish to appeal the assessment in an attempt for a property tax deduction. Some common reasons why real estate owners should consider appealing their property tax assessment include: Recent local sales are less than the estimate. There has been a change of control or ownership. The information mentioned about your property needs to be corrected or updated.

7. In some cases, appealing your property taxes could help reduce your tax bills. For instance, suppose a comparable property in your neighborhood has recently sold for less than the property value assessment. In such a case, a tax appeal can lead to a revised property evaluation and lower your taxes. If you would like to learn more about the process or would like to appeal your tax assessment, feel free to speak with a professional property tax lender for clarity. An experienced professional can help you better understand the process and tell you ways to save thousands of dollars on property taxes!

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