When does it make sense to appeal the tax assessment on your home? Is it worth it?
In the aftermath of the housing crash, tons of homes have lost a chunk of value— but property tax assessments don’t always keep pace. If you think your home is worth less than your tax assessment says it is, start by calling your property tax assessor-collector office to find out how to make an appeal. Typically, they’ll require docs of recent sales of comparable homes in your area. If you don’t have the energy for a financial DIY project, hire a firm to do the research. Just be sure that you compare the cost of the appeal to the tax savings. We’re appealing—we even have the paperwork notarized to be sent in January.