![]() ![]() It can pay to get a third-party assessment of your home's value, experts say. The window for appeals can be very small, which is why you may need to act quickly. ![]() Typically, there's a window of time for submitting an appeal, sometimes as short as a few weeks.įor instance, Cook County, Illinois, gives property owners only 30 days to appeal after receiving their new property assessment, while homeowners in Fulton County, Georgia - where Atlanta is located - have 45 days. Your new assessment should include information about how to make an appeal. Find your city or county's deadline for making an appeal If the new assessment values your home higher than what comparable properties have sold for, then you may want to move forward with an appeal. Some homeowners are shocked when they see their new assessment, but tax experts say some of those values could use a reality check - the assessment should reflect what your home could actually fetch on the real estate market.īefore making an appeal, look at local real estate sales for comparable homes to get a sense of whether your assessment is in line with market conditions. For instance, Knox County increased its assessments by 40%, but people whose properties increased below that rate enjoyed a tax decrease, while those whose properties appreciated above 40% got a tax hike. ![]() Instead, what's important is whether your assessment has increased more on a percentage basis than the overall average increase of your town or county. That's because new assessments are typically designed to be revenue-neutral, which means a municipality can't gain more tax revenue through the new assessments. Understand your town's assessmentįirst, it's important to note that a higher property assessment doesn't necessarily mean a higher tax bill, experts say. Here's what experts advise for people considering challenging their tax bill. During the past five years, the average property tax increased 18% across the nation, an analysis by home-services company House Method found. Although appealing your assessment can pay off, only about 5% of people do so, according to the National Taxpayers Union Foundation. ![]()
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