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Some steps: Appealing a property tax assessment

On Behalf of | Jul 21, 2022 | Real Estate Law

The real estate market has seen a frenzied rise in recent years as home prices have gone up. With a celebration in mind, even Missouri homeowners may get a rude awakening when their tax bill arrives. Property taxes tend to follow the market and the assessed value of your home, and local taxes are part of this, unless they lower the rate.

There are some steps that you can take, however, when it comes to appealing a tax assessment. You may feel that the assessment is out-of-line with your area. In either case, here are some steps to take.

Learn the rules

Be sure to check the deadline and know what the rules are. Your assessment may be on a percentage of your home value, such as 90%. You may expect a new assessment every year, but it varies. Some areas do it every few years.

Most homeowners have 90 days to appeal, although in some areas it may be as little as 30 days. Know what the real estate law allows in your locality.

You may deserve some tax breaks

There may be property tax breaks that you deserve. Review the credits or exemptions. Veterans or senior citizens may get a break, in some states.

Check the records

The website for your locality may list your property. You may also check with the assessor’s office. A description of your home is part of the record, and if it lists the number of bedrooms wrong, for example, you may be able to fix it right there.

Check other nearby homes

Compare other homes in the neighborhood. Check out records for homes with similar square footage to see how their assessment compares with yours. Also, review recent sale prices.

Get your evidence together

Your grounds for appeal may be strong if there are nearby property values that are lower. Assessments should be based on the market value of your home.

There are several steps that you may take when appealing a property tax assessment. You have a certain time frame in which to appeal a large property tax bill.