Owning real property comes with several responsibilities. Property owners must physically maintain their property and any improvements erected on that property to ensure visitor safety. They typically also need to carry insurance to limit their liability and risk in the event of criminal activity or inclement weather.
Property owners also have a responsibility to pay annual taxes. Real estate taxes help fund numerous important state programs, including municipal programs and public schools. The state assesses individual properties and imposes taxes. The amount property owners pay reflects the assessed value of a piece of property and whether or not it serves as their primary residence.
Sometimes, taxpayers feel shocked when they receive their statement regarding taxes due. The assessed value is too high, so their taxes are higher than expected. How can property owners appeal a tax assessment that seems inappropriately high?
Appeals begin with a petition
There are many reasons that the professionals assessing properties for tax purposes could make mistakes. Therefore, the state has a process in place to help property owners respond to a surprisingly high assessment. The property owner must submit a petition to the Board of Appeals.
The Board of Appeals then schedules a hearing at which the petitioner or the lawyer representing them can present crucial evidence. Factors including damage to the interior of a property or environmental damage could affect the fair market value of the property without automatically influencing the assessor.
Those preparing to appeal a tax assessment often need support gathering evidence and preparing to present their cases. Property owners with high-demand professions who cannot afford to take a day off of work can potentially bypass attending the hearing if they have assistance from a legal professional.
Getting help when preparing for an appeal and presenting the matter to the Board can make a major difference. A successful appeal could reduce the assessed value of the property and may therefore diminish the total amount due in taxes.
Understanding the property tax appeals process can help real property owners avoid financial hardship that could escalate over the years if they do not correct an inaccurate assessment. Their taxes may only continue to increase as more years pass unless they question the state’s assessed value of a property. Those who work to ensure that the assessed value for their property is reasonable can avoid scenarios in which their annual property taxes become a source of financial struggles.
