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The only homeownership expense that is rarely mentioned or disputed

Owning a home is definitely an expensive affair, as property taxes can be extremely onerous. Annual property tax bills tend to increase steadily over time and that is the reason behind paying the large amount paid in property taxes. Taxes keep coming in even after paying off the mortgage, making it an infinite expense. Most homeowners end up paying more at the end of the day and don’t even understand how property tax is calculated! Most homeowners take their tax assessment at face value and the sad reality is that your property may be overvalued. Now, it’s really important to know how property taxes are calculated so you can take steps to save your hard-earned money without paying a dollar more than you should.

Step 1: Learn about the process: Your local government in your province / state will send out a notice within the first few months of the year, although the hours may vary. You will receive a specific contact number with the notice, which outlines the steps necessary to challenge your assessment, usually by phone, email, or fax. There you can get all the details related to filing an appeal within a specified period of time during which you can contest or present a case. This time frame varies in different provinces / states, so be sure to arrive on time. In some provinces / states, the time period is 2 weeks, while in others it can be up to six weeks or 90 days. However, the only thing you need to consider is the closing time of the appeal window. You should not lose it under any circumstances, as it could seriously impair your ability to appeal the property assessment or property tax.

Step 2: Learn the details of your property appraisal: Request your property tax card and review it. The property tax card always comes with the appraisal notice and the best part is that most jurisdictions allow you to access it online. You can also request a copy of the property tax card from your local property appraisal agency.

The property card includes information used by the appraisal to determine the appraised value of your home, such as; the size of your property, number of bedrooms and bathrooms along with lot dimensions, primary structure information, access, secondary buildings (like a garage), etc.

It is really important to review the card very carefully and if you find any errors in the appraisal, you should request a change immediately and appeal the property appraisal before the deadline. At the end of the day, it’s your hard-earned money and you don’t want to waste it for no reason.

Step 3: Get a Professional’s Advice – It is a very obvious fact once you enter the world of appraisal that you won’t know everything about property appraisal and that is why it is really important to hire professional help that can find hidden problems and guide you through a proper channel, so you can easily avoid paying additional property taxes. Another aspect that the professional will provide is knowledge of the area and the ability to find comparable properties, as well as building a case for you to support a property tax appeal.

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