Applications to attempt to lower residential and commercial real estate taxes are due March 31, so this is a good time for property owners to review the taxes they pay and analyze whether they should apply for a reduction.
Property owners can apply to county Boards of Revision and potentially reduce the county’s valuation of their property and thus, reduce taxes. These Complaints Against the Valuation of Real Property are due by March 31.
The Board of Revision holds a hearing in which the taxpayer and legal counsel appear to provide evidence supporting the claimed value reduction. Obtaining an appraisal from an appraiser may be necessary. If the property was the subject of a recent purchase, generally, the purchase price is the best evidence of what the property is worth. Therefore, if a recent purchase price is less than the county’s valuation of the property, the property owner should apply for a reduction. If you believe the county valuation of your property is too high, you should consider filing to lower your tax before the deadline.