If home prices have dropped in your area, there’s a chance you could be paying too much in property taxes. Thankfully, there is something you can do about it: Challenge your property tax assessment before the local Property Tax Assessment Appeal Board (or some variation thereof).
The New York Times features an article, “High Property Taxes? 4 Steps to Lowering Them” to get you started down the road to appeal. For homeowners and homebuyers with questions about the tax appeal process in the DC Metro Area, learn how to “Take Advantage of Tax Appeal” from this article by our very own attorney Joe Gentile.
As he says, there’s no need to be intimidated by the tax appeal process. Most appeals are resolved the first time, especially if you have done your research.
A small investment of time could potentially net thousands in annual savings. So check out online resources like Zillow‘s recent home sales tool. If you’re about to purchase real property, talk with your real estate agent or closing attorney to make sure you understand the process. And if you’re still unsure, contact us for more information.