You may receive an inflated property tax assessment in the mail if the value of your home increased during the Pandemic.
Experts say there are ways to fight a high bill.
Property taxes increased by 1.8% in 2021, with an average payment of $3,785 annually, despite double-digit growth in single- family home prices, according to a report from Attom.
Rick Sharga is the executive vice president of market intelligence at Attom.
How much does a college education cost? You think it's much more than it is.
Wayne Cohen is a law professor at the George Washington University School of Law.
If you try to appeal the assessment, you could potentially save hundreds or thousands of dollars annually.
The odds of an individual property owner getting some adjustment are pretty high.”
There is a high chance that an individual property owner will get some adjustment.
According to the National Taxpayers Union Foundation, less than 5% of homeowners push back on their property taxes.
An explanation of the appeals process may be included in your property tax assessment letter, which may be less time than expected.
Experts recommend checking the address, square footage and number of rooms after you receive the letter.
Assessing the values and administering the property tax system is a lot of work, according to an attorney in Texas. Mistakes are inevitable.
The local tax office can base your assessment on similar homes that have recently sold in your area. They don't see the home's defects like a leaking roof or a flooded basement.
The process for the appeals is fairly straightforward. He said that you could hire a professional to support your case, which could pay off for higher- value homes.
It is a reset after you get it knocked down.
Cohen said that you could qualify for local property tax relief through an exemption.
Depending on where you live, some areas offer exemptions for low-income or disabled seniors.
If you feel the pinch of an unexpectedly high tax bill, it might be worth doing some research to find out if that is available.