Wednesday, December 09, 2009

When to Reduce Your Property Taxes

With home prices quickly escalating in 2004 and then drooping drastically in 2007, property appraisers have had a heck of a time keeping up.  The county property appraisers are responsible for determining the assessed value and making sure your property reflects the correct market value to determine the taxes you owe.  But with budget and staffing cuts, and rapid changes in the market, there are discrepancies.  As a home owner you have the right to have your property tax reviewed.  The time to do this is when the TRIM notices are mailed to you, which occurs sometime in October.  There will be instructions should you want to contest your property taxes.  If you wait beyond this time period, you may have to wait another year.  We have a buyer that is under contract for a short sale in which taxes are $8,000 and property was sold in 2007 for $800,000, now property worth under $300,000.  In addition, the property next door which is larger with more land which is also under contract has taxes at $4,500.  This is an obvious descrepancy that needs to be reviewed and updated in the county where the property resides.