Has your latest Englewood Cliffs property tax assessment notice given you quite a shock? You are not alone. Many property owners see significant increases in their property tax bills due to home value increases, boundary shifts, and other changes. The good thing is that there is something you can do about an unfair property assessment increase. A very significant increase may give you grounds for objecting to it, especially if it is clearly not at par with other properties within the same area.
While objecting to a property assessment increase seems daunting, it is a common occurrence. About 20 to 40% of property owners can lower their property tax bills by objecting to their property assessment, saving themselves a lot of money in the process. In what follows, we’ll discuss how to object to a property assessment increase and possibly lower your property tax bill for the upcoming year.
Step 1: Gather Evidence
If you believe your tax assessment has increased by mistake, get in touch with your tax assessor immediately so they can explain how they determined your property’s value. The increase could simply be a result of the assessor encoding the incorrect square footage or the wrong number of bedrooms for your property. If the reason for the increase cannot be identified immediately, you might have to do more research. Comparing your property to similar ones that have recently been sold in your area can be helpful. If the selling price for these properties is a lot less than your property assessment, that may be solid grounds for your objection. Be sure to check your local laws and regulations.
Step 2: Look Up the Appeals Process
Objecting to a property assessment will be different from one county to another. For that reason, you’ll need to be sure to look up the appeals procedure for your specific location. This information can usually be found on the county website or the tax assessor’s website in many cases. You can also download the forms you will be needing from their sites. Pay particular attention to dates or timeframes. Most places give you 90 days to file an appeal, although in other places it can be as low as 30 days. Also, some counties accept appeals only within a very specific window of time. To ensure that you are making efficient use of your time and to raise your chances of success, be sure to follow your county’s procedures.
Step 3: File and Argue Your Case
As soon as you have ready all your documents and evidence, it’s time to file your appeal. Remember to follow everything outlined on the county or tax assessor’s website. Pay the filing fee through an approved method, too. After this, you should receive a notification when a hearing on your appeal has been scheduled. You have to attend the hearing, or else send a representative if you cannot appear personally. Your appeal will be rejected if you do not show up for the hearing. Prepare all your documents and copies before the hearing. You will have your chance to argue your case and may successfully have your property assessment adjusted to reflect the current value of your property.
Objecting to your property assessment increase can help rental property owners keep their expenses under control. But it can take up a lot of your time, not counting the many steps you have to meticulously follow to improve your chances of success. If you’d like Englewood Cliffs property management professionals to assist you in making the most of your rental income, contact Real Property Management Concierge. We offer many valuable services to rental property owners like you that can help you keep your costs down and the rental income flowing in. Contact us online or call 201-514-1603 today!
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