Have you opened your Cabot property tax assessment notice and gotten the shock of your life? You are not alone. However, it’s not uncommon for property owners to see a considerable increase in their property tax bills due to home value increases, boundary shifts, and other changes. The good thing is that you can do something when you get an unfair property assessment increase. Significant increases are grounds for objecting to it, especially when it is not at par with other properties in your area.
While objecting to a property assessment increase seems daunting, it is a common occurrence. There are around 20% to 40% of property owners who have successfully lowered their property tax bills when they objected to their property assessment. In what follows, we’ll discuss how to object to a property assessment increase and possibly lower your property tax bill for the upcoming year.
Step 1: Gather Evidence
If you believe your tax assessment has increased by mistake, get in touch with your tax assessor immediately so they can explain how they determined your property’s value. The increase could be as simple as an assessor’s error when encoding the incorrect square footage or the wrong number of bedrooms for your property. If the reason for the increase cannot be easily identified, you need to do more research. Look for comparable properties in your area that have recently been sold. You might have solid grounds for your objection if these properties sold for a lot less than your property assessment. Be sure to check your local laws and regulations.
Step 2: Look Up the Appeals Process
Objecting to a property assessment looks different from one county to the next. For that reason, you’ll need to be sure to look up the appeals procedure for your specific location. This information can easily be found on the county website or the tax assessor’s website. From these sites, you could download the forms you need to file an appeal. Pay particular attention to dates or timeframes. You need to file an appeal within 90 days in most places, although in other counties, that can be as low as 30 days. Also, some locations accept appeals within a very specific window of time. To ensure that you are making efficient use of your time and to raise your chances of success, be sure to follow your county’s procedures.
Step 3: File and Argue Your Case
Once your documents and evidence are prepared, you can then file your appeal with the county. Again, make sure you follow everything outlined on the county or tax assessor’s website. Pay the filing fee through an approved method, too. When this is done, you should then receive a notification for when the hearing on your appeal has been scheduled. It is important that you attend the hearing, or if you can’t go in person, send a representative in your place. Your appeal will be rejected if you do not show up for the hearing. Make sure you have complete documents and copies; you can then argue your case and, if successful, ask to have your property assessment adjusted to reflect the accurate value of your property.
Objecting to property assessment increases has helped rental property owners have more control of their expenses. However, it can take a lot of your time, and there are many steps to be followed precisely to increase your chances of success. If you need Cabot property management professionals to help you, you can contact Real Property Management Hometown. 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 501-701-4702 or 501-303-6870 today!
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