Property owners can apply to county Boards of Revision and potentially reduce their real estate taxes by reducing the county’s valuation of their property. These Complaints Against the Valuation of Real Property are due by March 31, 2017. Any home or other property owner who purchased property within the last two to three years and paid a price lower than the county’s tax value should seriously consider applying for a reduction.
The Board of Revision holds a hearing at which the taxpayer and counsel appear to provide evidence supporting the claimed value reduction. A recent sale price is the very best evidence. If there is no recent sale, obtaining an appraisal from an appraiser may be necessary. If you recently purchased commercial or residential property, generally, the amount of that purchase price is the best evidence of what the property is worth, and the county will adopt that value for tax purposes. Therefore, if a recent purchase price is less than the county’s valuation of your property, you should apply for a reduction.
If you believe that the county valuation of your property is too high, you should consider attempting to lower your tax by filing before the March 31 deadline.
If you have any questions about this topic, feel free to contact Dana Rose or your Weston Hurd attorney.