The Street
Here's a legal way to save thousands of dollars on your property taxes every year: Challenge a property assessment that you think is unfair.
Yes, you can fight city hall. This is an important consideration because for many investors, the most valuable asset is their homes.
If you're getting socked with a property tax bill that seems too high, you can appeal it. It's an example of how ordinary citizens have more power than they realize, if they'd only use it.
Investing time and effort in the suggestions below could result in an immediate reduction of your property taxes. Over time, the effort you invest today can add up to thousands of dollars in savings.
Here's how to do it:
The National Taxpayers Union estimates that a remarkable 40% to 60% of properties are over-assessed. That means chances are good that your home is over-assessed, and therefore, overtaxed.
That said, it's obvious that the first thing you need to do is head down to your property assessor's office to dig up a copy of your property assessment.Compare your local assessor's claims to what you know your home to be worth. If you don't know the value of your home, hire an independent appraiser or a real estate agent to give you their opinion as to your home's value.
