Tax Appeals Can Be a Great Way To Save Money and Bring Down Monthly Payments

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What exactly is a tax appeal? It sounds interesting, doesn’t it? Many homeowners do not realize that they can evaluate the appraised value of their home and make the subsequent decision to appeal their tax value.

The process is not entirely a simple one. But there are two very good reasons why you might want to go through whatever it takes to have it done. First, and very importantly, an approved tax appeal will save you money each and every month. Another very solid reason to assess your true property valuation is that when it comes time to selling, buyers will find the lower monthly payments a very attractive aspect. Not only will this give you an added edge over other sellers in the market, it will also be a great bargaining tool for you as a seller.

Do-it-Yourself

Some homeowners prefer to brave this process on their own and follow through the detailed and sometimes mildly challenging process of filing for a tax appeal. There is more to it than just filling out a form and waiting for a new property value assessment. The procedure is fairly complex and involves reviewing and studying previous tax notices, filing for a protest hearing in court, obtaining an appraised value of your property and presenting a formal presentation to the appraiser. This can take time to get to know how the system works and it’s important to keep in mind that exact rules and regulations vary by state. A good way to understand the entire process is to observe other (public) hearings and gain a greater knowledge of the system.

Using Legal Channels

For those who are squeamish about acting ‘in pro per’ there is always the possibility of hiring an attorney who is well versed in tax appeals to do this for you. While there will be some extra costs involves than if you had done it yourself, by hiring a professional who is knowledgeable about this aspect of property ownership, you will spare yourself wasted time and energy toward an effort that may end up in less than optimal savings. Using an attorney also yields a greater chance for success, which can end up translating to savings in the hundreds, if not thousands, of dollars in property taxes each year.
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If you have noticed an increase in your property taxes or even if you are not comfortable with how your home is valued as compared to other similar properties in the area, it pays to have a tax appeal done. Whether on your own or through a reputable and experienced attorney, the worse that can happen is no change in your taxes and the best can be a savings of up to thousands of dollars in taxes from the tax appeal.