Cut Your Property Taxes

>> Narrator: Property taxes are shaping up to be one of the grim ironies of this economic crisis. Even though home values have sunk, property taxes have gone up at a rate of 7 percent a year and according to the National Tax Payers Union more than half of tax assessments are incorrect. That means you could be over paying thousands of dollars a year. There are a few things you can do about that. First understand how your assessment is calculated. Not every assessment represents the entire market value of your home. Some are fractional and may show just say 40 percent of your home's worth. If so you may think you're getting a deal but not necessarily. Find out if your municipality uses fractions simply by calling the assessor's office or checking its web site. Second, get your property record; it will contain the basic information used in figuring out the assessment. If any of that info is wrong you could be over paying, believe me it happens all the time. The appraiser hired to assess your house may just take a photo of the outside, count vent stacks to determine the number of bathrooms and then measure the perimeter. Easy mistakes to make like listing more bathrooms than you really have are common and can carry forward year after year until you catch them. If you find an error just notify the assessor and show him your survey map, in many cases you can get it fixed on the spot. Now if your assessment is correct on the basic information but you still think your home is assessed too high you'll need to file your appeal immediately with your assessor's office. For tips on how to win such an appeal, search property taxes on this web site. And don't let them push you around, play your cards right and you have a good chance of beating City Hall.

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