When is it time to appeal your property tax? First you need to be aware of the deadlines. When that property tax assessment notice appears in the mailbox, it is depending on the state one lives in, it could be months or weeks.

If the time is only weeks you’ve gotta act fast. If it’s month, that’s better.

To begin, you need to find the real value that the property tax assessor is valuing your home for. Most make the mistake of assuming that the assessed value is the actual value of your home that you’re getting taxed on. Assessed value is not market value. There is some math involved because of a sales ratio before you consider a property tax appeal

Appeal Property Tax Appeal Basics

Initially, we need to identify if you have a case in any way, that is, if what the tax assessor said your property is worth is over the top or not. That number is what the town community assumes your house as well as property are worth compared to similar other residential properties. This may or might not be an accurate number.

The National Taxpayers Union is attributed in writing that as high as 50% of all residential or commercial property in America are over evaluated. Recently assessed residential or commercial properties are a lot more accurate as well as closer to the dollar value of present worth than residential or commercial properties that have actually not been appraised just recently.

To put it simply, a current property valuation estimate is better to actuality than an old blanket appraisal quote.

Several taxpayers have the impression that their assessment is fair if it is listed below the existing reasonable market value. Nevertheless, what we truly are striving for is equitability.

The truth is that property should be valued equitably with comparable type residential or commercial property within the very same taxing territory. If a taxpayer’s building is assessed at 95% of fair market value and also, in the remainder of the territory, similar buildings are assessed at 75% of fair market price, what’s fair concerning that?

The concern is, what does the taxing authority assume your house is truly worth? After you have determined this figure, you will be armed with a number to compare to other similar properties and determine if you are over assessed. If the answer is yes, appealing that property tax will benefit you.

Sales Ratio

What does the taxing authority think your house is worth? Again, Assessed value is not market value. Because of a sales ratio, a little math and you’ll know that figure.

You’ll need to call the municipal tax assessors office to obtain the sales ratio. It might be called by another name like the average ratio, the director’s ration, the common level of 100% of true value, the residential assessment ratio or assessment level.

What that number represents is the ratio that is applied to the last blanket property tax assessment for that municipality. Generally, blanket municipal assessments are done every 8 to 20 years  and the sales ratio application brings that old assessment into current perspective.

Property Tax and Sales Ratio Analysis

Most homeowners assume that the assessed value is equal to the market valuation placed on their home. If that figure is low they assume they are ok. However …

Assessed value divided by sales ratio is valuation for what the town or county property tax assessor is going to apply the property tax to. For example, if the sales ratio is 85% and the assessed value of the home and property is $400,000. The result of $470,590 ($400,000/.85) is the actual value that the house and property is getting taxed for.

How To Appeal Property Tax Step-By-Step

We suggest you visit the homepage of this site at Appeal Property Tax Course to pick up free tools to work out your analysis. We offer free access to comparable sold homes in your area for comparable analysis. Also you’ll get a free assessment category worksheet as well as a how to map guide that will steer you through the process.

We have a Real Estate Valuation & Property Tax Appeal Training Course.  Appeal a property tax requires that you can dive into the process if you want greater clarification. It can also be a great work from home side business that most are not aware of. This field has little competition and is a valuable service to the both residential communities and commercial businesses.

Click top of page on left title “Property Tax Appeal Training Course” for access.

Learn More Facts and Details, Click: Property Tax Valuation