Your property taxes just jumped by more than 50 percent. Now what

Personal Finance

Finally, if you disagree with your municipality’s assessment on your home, you can contest the findings.

Get to know your city’s appeal’s process, which can be deadline sensitive and will vary from one town to the next.

Expect to gather evidence of your home’s market value, too.

You can hire an appraiser to provide your city’s tax assessor with reports and comparable property values to back up your findings, said Brigid D’Souza, a CPA and founder of Civic Parent, a website that follows property tax developments in Jersey City.

The national average cost of hiring an appraiser is about $329, according to HomeAdvisor, a home improvement website.

You can also hire an attorney on a contingency basis to represent you through the appeals process, which typically costs one-third to one-half of your first year’s tax savings, D’Souza said.

While a licensed realtor can’t give you an appraisal, he or she can provide you with comparative sales which can act as evidence of market value, said D’Souza.

“Comparables are best if you can say that this home is assessed at what yours should be, and you have similar square footage and features,” said Steffen. “But be careful: They could raise your neighbor’s taxes.”

More from Personal Finance
As home prices soar, buyers turn to riskier mortgages

Grab these expiring tax breaks while you still can

High-tax states plan workarounds to the federal SALT deduction

Source link

Products You May Like

Articles You May Like

AirAsia Group CEO on the importance of passion when making career decisions
Former Qualcomm chairman reportedly seeking funding to buy the chipmaker
Dollar General’s same-store sales, strong forecast lift shares
Saudi crown prince hides mother to stop her from opposing power grab: NBC
Asia tycoon, billionaire and empire-builder retires

Leave a Reply

Your email address will not be published. Required fields are marked *