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Karen Sauerheber

Karen Sauerheber

Selling Real Estate in Kentucky & S. Indiana
(502) 931-3561
karen@semonin.com
600 N. Hurstbourne Parkway #200
Louisville, KY 40222
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How to Challenge Your Property Tax

 

Typically, every few years American homeowners have the value of their property assessed by their local government. The property tax you pay is based on the local tax rate, which you have no control over (except at the voting booth!), and the assessed market value of your home, which you can appeal in order to and thus potentially lower your property tax bill. If you know what you're doing, you may be able to lower your property taxes.

It's worth noting that the National Taxpayer's Union estimates that a majority of Americans who challenge their property taxes win when properly prepared.

Generally speaking, there are three ways you can challenge the assessed value of your home:

  1. You can challenge the work of your local government's tax assessor. To assess your home's value, the assessor uses information that your local government has about your property. This data may include the condition of your property, your home's features and your home's square footage. Compare your own data to the government's, and if the local government's information is off you may have grounds to challenge the assessment.
  1. The finance site Kiplinger.com recommends that you see how the assessed market value of your home compares to similar homes in your neighborhood. Typically, this data is public information. If you determine that your home is assessed at a value that's higher than similar homes close by, you may be able to challenge your assessment.
  1. Tax assessors use the sales prices of similar homes to establish a market value. You can also challenge your assessment if you can show that similar homes near you are selling for prices lower than what your home was assessed. Sales records of homes are typically public information.

The appeals process varies by location, so it's important you follow the specific instructions that your locality provides with your assessment letter, particularly appeal deadlines.

Give us a call, and we'll be happy to help you navigate the local rules and assist you in appealing your property taxes.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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