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Should I Appeal My Property Tax Assessment?

Are you considering appealing your property taxes? You’re not alone. As a Maryland homeowner, you know that the second biggest expense—after your mortgage—is typically your property taxes. With 30 to 60 percent of taxable property being over-assessed, there’s a good chance you’re paying more than your fair share in property taxes! So, what are you going to do about that?

A home from the street view

If you need a home appraisal in Maryland, Northern Virginia, and Washington, DC, contact Coakley Realty today!

How to Appeal a Property Tax Assessment

One of the easiest ways to lower your property tax is to show that your home is worth less than its assessed value. There are a few ways to go about evaluating the assessment:

  1. Read your assessment letter – When your assessment comes in the mail, it’ll list information about your property, such as lot size or a legal description, as well as the assessed value of your house and land. If something seems off—challenge it immediately! On average, you have about 30 days to refute something in the assessment.
  2. Check the data – Is all the information about your home correct? Is the number of bathrooms accurate? Number of fireplaces? How about the size of the lot? A small typo can make a big difference—imagine living on a 0.5 acre lot, but the assessment says 5.0 acres! If any facts are wrong, then you need to reevaluate your home’s worth.
  3. Find comparison properties – When it comes to your appeal, you’re going to need substantial evidence to back up your claim. Have a realtor find at least five comparable properties that have recently sold. This can help show how a home of your size and style is selling in the current market. With the help of websites or apps for sites like Realtor or Zillow, you can start the research yourself.
  4. Present your case – Once you’ve done your research, contact your local assessor’s office. You can fill out the assessor’s appeal form and send in the evidence you’ve compiled.

After that, it’s a waiting game. A reevaluation can take anywhere from one to four months. If the challenge isn’t successful, keep trying. Appealing your property tax is a great way to save money—but it isn’t always the easiest option.

people looking at a laptop screen

If you suspect your real estate tax assessment is higher than it should be or that it is incorrect, contact Coakley Realty today! We can provide a free consultation and help you save money!

How Coakley Realty Can Assist With Your Appeal

Challenging an assessor’s opinion takes expert training in areas such as appraisals, state and local mandates, approaches to value, and negotiations, as well as understanding the assessment office’s techniques. At Coakley Realty, we have been performing real estate tax appeals for more than 23 years, and we have the expertise and resources to help save you money on your real estate taxes in 2014.

Before filing any real estate tax appeals, we will provide a free consultation—all you need to provide is a copy of your real estate assessment notice or tax bill. We believe in accurately reviewing tax assessments before deciding whether or not a case is worthy of an appeal. When your real estate assessment is appealed successfully, it can mean minimizing operating costs and increasing the cash flow and value.

Request your free consultation in MD, VA, & DC. Let us help you appeal your property tax assessment by  contacting Coakley Realty today!