If you have been shocked when you opened your Lakeview property tax assessment notice, you are not alone. Property owners usually see significant increases in their property tax bills due to home value increases, boundary shifts, as well as other changes. There is, however, something you can do about an unfair property assessment increase. A significant increase may give you grounds for objection, especially when it varies greatly from other properties in your area.
Objecting to a property assessment increase will seem daunting, but it is more common than you think. About 20 to 40% of property owners can lower their property tax bills by objecting to their property assessment, saving themselves a lot of money in the process. Here are some tips on how to object to a property assessment increase and possibly lower your upcoming property tax bill.
Step 1: Gather Evidence
If you think your tax assessment has increased by mistake, your first step will be to contact your tax assessor and have them explain how they determined your property’s value. The assessor might have entered the incorrect square footage or the wrong number of bedrooms for your property, causing the increase. If the reason for the increase is not instantly evident, you can do further research. One helpful tip is to find some similar properties in your area that have recently been sold. If their selling prices are a lot less than your property assessment, it could be solid grounds for your objection. Be sure to check your local laws and regulations.
Step 2: Look Up the Appeals Process
Keep in mind that objecting to a property assessment will look a bit different from county to county. This is why you have to look up the appeals procedure for your particular location. The county website or the tax assessor’s website is likely to contain this information. You can also download the needed forms for your appeal from their sites. Take note of significant dates or timeframes. Most places give you 90 days to file an appeal, although in other places it can be as low as 30 days. Also, some counties accept appeals only within a very specific window of time. Following the exact procedure will make sure you are using your time efficiently as well as increase your chances of success.
Step 3: File and Argue Your Case
When all your documents have been prepared and have included your evidence, it is time to file your appeal with the county. Remember to follow everything outlined on the county or tax assessor’s website. Also, pay the filing fee using an approved method. You should then receive a notification on the schedule of the hearing on your appeal. Make sure to show up for the hearing, or send an authorized representative in your place. If you don’t show up for the hearing, your appeal won’t be considered. Bring all required documents and copies; you will be given the chance to argue your case and, if successful, have your property assessment adjusted to accurately reflect your property’s current value.
Objecting to property assessment increases can help rental property owners keep expenses under control. Even if it is common, it still takes a lot of time. Add to that the many steps you have to follow to the letter to increase your chances of success. Real Property Management Chicago Edge‘s Lakeview property management professionals can help you maximize your rental income. We offer many valuable services to rental property owners like you that can help you keep your costs down and the rental income flowing in. Contact us online or call 773-904-7700 today!
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