Property Tax Appeal
Property taxes have increased at a faster rate than inflation over the last eight years! Some of us have become complacent when that tax bill comes in and don’t question the amount that we’re paying. You just might be paying more than you should be due to property tax increases along with the leveling off of the values of homes in some areas.
The National Taxpayers Union has estimated that as many as 60% of house values were assessed too high, thus giving homeowners an inflated property tax bill.
The great news is that you can appeal your tax bill with your local County Assessor’s office to get that tax bill lowered!!! Take the following steps to get that done:
1. Contact Bonnie-jo Barnaby via www.AlbuquerqueNMProperties.com and request a Comparative Market Analysis selecting the purpose for the CMA as Tax Appeal so that she is able to run an accurate analysis.
2. Contact your local tax assessor’s office and ask to speak with someone in the reassessment area. Find out when appeals are heard and how the process for submitting a property tax appeal works.
3. Ask for a copy of your property card - review it and make certain that the basic information regarding your property is correct - i.e. - square footage, # of bedrooms, etc. If there is incorrect information then the county may change the assessment without a formal appeal. If the information IS correct but assessed value still seems too high, your next step is to gather the documentation necessary to support your appeal. Don’t be surprised if the assessed value is lower than what you think the market value for your home is - many counties use a formula which uses a percentage of market value to determine the assessed value. Ask them what the formula is because an assessment that is less than market value still might be too high.
4. Follow the county’s instructions for the appeal. They may require a current appraisal - attempt to use the CMA you received from Bonnie-jo Barnaby first, but if they do not accept that, Contact Bonnie-jo Barnaby @ BBarnaby@AlbuquerqueNMProperties.com or via cell phone at: 505-363-7602 and she can refer you to a great appraiser.
Submitting an appeal is a fairly simple process in general but make sure you complete all forms in advance and be prepared with your documentation if there is an in-person hearing.
33% of the property tax appeals succeed, according to the National Taxpayers Union. Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home!
Please feel free to contact me for more information on this money-saving tip!
Smiles - Bonnie-jo Barnaby
