It’s tax season again! Most of us are focusing on federal tax returns and keeping fingers crossed that we’ll get a refund rather than a bill. But one area you should not ignore is your property tax assessment. It’s a good idea to review your home’s tax assessment each year.
You want the assessment to go up indicating that your investment is gaining in appreciation; but a lower assessment means lower taxes. When the assessment goes up that means higher taxes and that’s money out of your pocket. Even if you haven’t done any upgrades, your taxes can go up based property values and rising home sales. You want to make sure that your assessment is accurate and in turn you are paying the correct amount in property tax.
You should be receiving your property tax assessment this month, in April. Feel free to give me a call when you get your assessment and projected tax bill – let’s make sure it is as accurate as possible.
What Can Affect My Property Tax Assessment?
- Fair market value. If you live in a neighborhood where prices are rising, this is a good sign for your investment, but it’s also a sign that your taxes are likely to go up.
- Change in square footage and other property characteristics not previously accounted for, like a pool or a house addition. That’s right. If you add on to your home or make upgrades, it will affect your home’s taxable value.
- Foreclosures. While a foreclosure is typically not something to be happy about, if there are a significant amount of foreclosures in your neighborhood, it could lower the taxable value of your home.
How Can I Protest My Property’s Tax Assessment?
Sometimes tax assessments are just flat out wrong. If you get a bill and you know it’s unfair, you can protest your property tax assessment by filing a Notice of Protest with the Appraisal Review Board by May 31.
Contact Sue at: firstname.lastname@example.org or (512) 422-6300