Property Taxes 2014-07-11T09:32:52+00:00

What is a Property Taxes?

Before discussing a real estate tax appeal, it is important to review how your real estate tax is computed. Your real estate tax is an amount assessed on your property by an appraiser within your local government. This calculation of your tax amount is simply a yearly formulaic expression of multiple factors. Despite the fact the formulas have been pre-determined, it is possible one of these variables within the formula is wrong. If this occurs your real estate tax will be wrong. The variable most often resulting in a misstated tax bill is the current value of your home or condominium.

One of the factors the local government uses in your area to determine the value of your home is by comparing it to other recently sold homes in your immediate area, also known as “comparables.” The farther in the past a home is sold, the less likely it is to have an affect on the current value of the home in question. The best comparable homes are in close proximity to the home location, have equal or similar square footage, and are of a similar age. Other factors such as swimming pools and necessary home repairs are not as important but can be added/subtracted independently from the comparable home price after the comparable home is found. This entire process of finding comparables, documenting the value-added factors, and documenting value depreciating factors requires a lot of attention and paperwork. As a result, mistakes can be made and become the basis for a real estate tax appeal. If such is the case, a real estate tax appeal is warranted. To institute a real estate tax appeal, contact SG Law Group to start the process of lowering your real estate tax bill. Attorneys at SG Law Group are skilled in not only collecting and determining the relevant documents necessary for the real estate tax appeal, but also in preparing for the appeal process itself.

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