Do you know the current fair market value of your home? Unless you have had a professional assessment of your property’s value within the past year, I highly suggest that you schedule one.
It’s common knowledge that real estate values in the United States have dropped dramatically during our country’s recent economic struggles. Ironically, as property values have dropped, property taxes have actually increased. This is a concerning statistic, considering that property taxes are equated using property value.
If you own property, you should receive a Notice of Value card in the mail by March 1. The card will list your property’s assessed Full Cash Value and its Legal Classification (a property’s Legal Classification refers to how the land is being used. Classifications include commercial, residential, agricultural, etc.). If you believe the Full Cash Value or the Legal Classification to be incorrect, you can file an appeal either with the County Assessor’s Office or with the Tax Court.
According to the Official Blog of the National Taxpayers Union, GovernmentBytes, “up to 60 percent of the nation’s taxable property may be over-assessed, leaving property owners to pay thousands of dollars more than they need to." Prepare yourself to file an appeal if necessary by hiring a professional to correctly appraise your property’s current value. In order to insure that your appeal is successful, it must be filed as quickly as possible upon receiving your Notice of Value.