Reassessment for Property Taxes - Part 1

When paying the tax on your property, you may not consider taking a look at whether or not you are paying the "right" amount. Inaccurate assessment of the property tax is very possible. If you have a genuine case of inaccurate property value assessment, you can appeal to the tax assessor to reduce property tax.

As a tax payer, you are entitled to challenge the market value attached to your property by the tax assessor. And, you must seriously consider finding out whether or not you need to make this appeal, because the system in place to assign values to properties is a mass algorithm that many times takes into account thousands of properties.

The need for such a system is obvious. In most cases, it is not possible for the assessor to take one property at a time and calculate its market value due to lack of resources. The result of this restriction is inaccurate property value assessment. To make sure that you are not being affected by this limitation of the system, you should assess the current market value of your property yourself and notify the authorities if there is a difference between the present value of your property in the market and the assessed value.

Question for the Reader: Do you feel your property is properly assessed?

 

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