Property Tax Information

For those who need help underestimating their property taxes: PropertyTaxesHelp.org

Property Tax Information“The majority of properties may be inaccurately assessed and the vast majority of people aren’t doing anything about it, even though hundreds or thousands of dollars of tax savings could be at stake.” – Pete Sepp with the National Taxpayers Union

Appealing your property tax assessment takes five to twenty hours worth of work – about the same time as fighting a traffic ticket … but with a much higher potential payout. For that you need reliable property tax information in order to prove your case.

UNDERSTAND THIS FORMULA: The retail cost or fair market value that a tax assessor has assigned to a property EQUALS the “assessed value” that the county tax assessor imparts to the property DIVIDED by the sales ratio.

Assessed value DOES NOT EQUAL fair market value.


Most people confuse assessed property tax informationvalue. They think it means appraised market value.


It doesn’t! They need

Property Tax Help

Property tax assessments are bothersome to understand for large numbers people. How are they arrived at, what do they mean, how precise are they?

The whole ball of wax depends on understanding the sales ratio. This can be called, under the terminology used by the jurisdiction, the average ratio, assessment level, director’s ratio, the common level of 100% of true value, RAR (residential assessment ratio) or the equalization rate (which may not always be equivalent to the sales ratio).

If you received a lower assessment, that does not necessarily mean that the property tax assessor assigned a lower value on your home.

Tax Assessment After all, a property tax assessment is only a viewpoint of value that should be double checked. You need to know how to do find the real market value the tax assessor placed on your home. This is done by dividing the assessment by the sales ratio so you know the actual numbers for what your home was valued at.

You need to know the real market value they think you home is worth, not the assessed value.

If it is wrong, appeal. By challenging into the tax assessment process, you’ll make the tax assessors more accountable and the whole routine fairer. Expect an average tax reductions around 15 to 20%.

Tax assessors almost never value a property. The task is bid out on a bid basis to professional area blanket appraisal concern. They bid on the job and hire people off the street as well as using in house personal who determine market value for the houses in a given neighborhood. Mistakes are common. Often old values are often simply rolled over into the following year.

Blanket AppraisalsAppraising concern have to make a return on their per property bid cost and have to allocate a minimal amount of their time per valuation to make a profit.

They blanket neighborhoods and make their conclusion of value rather quickly because of these money and time restraints. Errors often occur. Consumer Reports has printed the error rate equals 40%. Other authorities say the error rate lies between 40% to 60% range.

Assessment ExampleFor instance, if the sales ratio for an area is pegged at 50%, a $500,000 dollar home should be assessed at $250,000. So, if the homeowner sees that their home is assessed at $400,000 he/she might be thinking they are getting a good deal, but in reality they are getting gypped.

Most are bamboozled by appraisal price nomenclature and don’t know what the true valid market price that the appraiser is placing on their home.

With dropping real estate values, finding sold comparable homes to utilize as favorable evidence comparisons that can be used in initiating a property tax appeal is relatively easy.

Obtain EvidenceMost important is to ask the tax assessor in advance for what homes thy used to compare yours to and for you to establish that value. You’ll need to do research and show how those homes are different from yours making adjustments for those differences.

Make a written request via a fax to the appraisal district. Get that information in advance so you are prepared to show how those homes do not compare to yours. This is an adversarial confrontation and you need to be armed with the evidence that the opposition is using.

Use photos to show that their homes are not comparable to yours. Then offer examples that you found for homes that are comparable to yours in location, size, quality, age and condition. If there are differences, adjust dollar amounts for those differences.

Accurately define your homes’ market value. Challenge and reduce your property tax assessment guide.

  • Similar to valuing a diamond ring or an auto.
  • You will know and be in control without the high expense of hiring an appraiser, property tax consultant or lawyer.
  • This easy to follow guide is for: Home Buyers, Property Owners, Assessors, Auditors, Appraisers, For Sale By Owner, Insurance Agencies, or a Lending Institutions.
Beware of getting guides that have limited examples for adjusting values.

A Complete Property Tax Guide

You’ll need to adjust prices of sold homes compared to yours for differences in the age of the house, square footage, new roof, old roof, new remodeled kitchen, old kitchen, number of garages, decks, patios and similar category adjustments.
Property taxeshas many good examples to follow, it’s not that difficult to do a good job and win your appeal with this resource..

Taxes are sometimes classified as either specific or ad valorem:Cornell University Law School

Appraiser Tested Property Tax Reduction:property tax reduction