FoxBusiness network recently cited National Taxpayers Union data on propertytaxes in a story that exposed how property taxes have not declined despite thedownward spiral in real estate values (Video available HERE).As NTU points out, this is due in large part to the fact 60% of properties areover-assessed.
Housing values have dropped about 18%, but property taxescontinue to rise by 7% every year. Property taxes now account for over threequarters of local and state government tax revenue, and (surprise!) are notalways accurately assessed by government officials.
Fox’s Gerry Willis offered some key tips to find out if yourproperty is over-assessed:
- Call the accessor’s office to ask for their taxing authority (how they assess taxes) and ask for your property record.
- File an appeal if there is an error in your property record, official challenges can help.
- During the appeals process, make sure you have photos or hard evidence.
- Grab as many tax exemptions (i.e. disabilities, senior citizen) as you can by applying for them through the accessor’s office.
Avoid becoming one of the 60% of taxpayers whose property isover-assessed. In this down housing market, government officials are in no rushto update your property value. For more tips on reducing your property taxburden, check out NTU’s publication Howto Fight Property Taxes.