Property tax check 

As property values rise slowly property tax bills can increase over time. To avoid this annual pain know when to appeal your tax assessment.

How property tax is calculated

1. Your home’s value might be determined for tax purposes by the most recent purchase price, or by a blanket assessment of a neighborhood’s estimated property values.
2. That value is then multiplied by a percentage, often called a millage, to calculate your taxes owed. Depending on the state, property values may be revisited every year, or much less frequently. When tax assessments are not adjusted frequently, “values can get way out of hand a lot quicker and stay that way a lot longer which can work for you — or against you.
3. It may take a trip to your tax assessor’s office with your homework of comparing your home’s assessed tax value with nearly identical properties nearby to see if your home is valued fairly you can also get help with your realtor for this purpose

When your tax assessment is wrong

Yes Your property might be incorrectly valued if a jurisdiction has documented the wrong number of bedrooms, bathrooms or square footage in your house, If you think there’s an error in your assessment

1. the first step is to call your local tax assessor and explain your concerns.
2. If this conversation convinces you that an appeal is worthwhile, ask what the process is. Many jurisdictions limit the hearing of appeals to a period following the issuance of new tax notices.

Information you may need to gather in your effort to win an appeal can include: ·        

1. An independent appraisal of your home and property.        
2. Original construction plans.         
3. Comparable recent sale prices on nearby homes similar to yours.

When Property tax freezes and automatic increases

In some states, senior homeowners, or residents with low to moderate incomes may be eligible for property tax freezes, capping the property tax, or future rate increases.

• Most tax authorities grant a “homestead exemption” — a tax discount if the property is your primary residence.
• If home values are increasing where you live, property tax rates should be falling If not, you’re being hit with an automatic tax bill increase.
• An individual appeal may help, but you’ll need to rally community support for a millage-rate decrease