In past blogs, we discussed what these states are doing to the economy and home values. We often hear homeowners saying ” what good does it do to appeal our assessment when all the government will do is raise the tax rate”. We understand your frustration but let me give you something to think about. We are regularly seeing home values 10% 20% 30% or more overvalued by the assessor. The government rarely will raise property tax by more than 5%. Let’s say your tax bill is $4500 a year and the government decides to raise your tax rate by 5%, your bill will go up to $4725. Now let’s show you what a 10% reduction on an average $200,000 home will do. $20,000 reduction in Fair Market Value can reduce your overall property tax bill by $600 a year, lowering the tax bill to $4125 ( based on an increase in the property tax rate of 5%).
Long story short is that even if the elected officials increase your tax rate, YOU can still save money by appealing the assessed value of your home.
Residents in high tax states like New York, Illinois, and all the way to California can benefit from an accurate assessment.