How to Lower Your Property Tax Bill
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Here's your money briefing for Friday, March 3rd. I'm J.R. Whelan for The Wall Street Journal.
How are property tax assessments calculated and what factors affect my assessed value?
For a lot of people, the cost of owning a home continues to rise. In coming weeks, property tax assessments are on their way to your mailbox. And like pretty much everything else, they're going up too. But homeowners have options if they feel their bill is too high.
You want to point out the low lights, so to speak, because your goal is to get them to assess a lower value for your home.
On today's show, we'll talk to Wall Street Journal personal finance reporter Veronica Dagger about the math behind property taxes. That's after the break.
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For many Americans, property taxes are going up. But what if you think your property tax bill is too high? Does it make sense to push back on the numbers? Wall Street Journal personal finance reporter Veronica Dagger joins us with questions to ask before filing an appeal. Veronica, thanks so much for being with us.
Thanks for having me, JR.
So, Veronica, you know, the amount somebody pays in property taxes often depends on the assessment on their property. What is the assessment and what is it based on and how does it figure into the tax bill?
The assessment is based on multiple factors, including your square footage, things like how many bedrooms you have, amenities you have, such as a pool or not. All those things factor in. Your neighbors, kind of what's customary for the area also plays a part. So it's multiple things that factor into the assessment. And everyone should be getting an assessment depending on where you live. Some states reassess every year. Some reassess every five years, every two years. Local governments use these property taxes to help pay for things like public schools and other services. And the municipalities differ in how they calculate your taxes and the frequency of assessments really can vary. You can do a quick Google search to see what's customary in your neighborhood or even ask your neighbors when to expect this.
But the bottom line is when you get that assessment, you want to act quickly.
So what else goes into property tax besides assessment?
So there's the assessment, but then there's also the tax rate, and that is set by the municipality. So you have no control of what rate the taxing authority is going to tax you at, and so you have to just kind of roll with that. What you can control is how the municipality views the value of your home. That is something that is not set in stone and that you have some flexibility to appeal if you disagree with.
Now, I want to get to the appeals process in a moment, but what's the first thing that a homeowner should do when they get their assessment in the mail?
When should homeowners expect to receive assessment notices and why act quickly?
First thing, open it right away. I know none of us like to see these sort of things in the mail, but go ahead and open it. Review the document to make sure the data, including your square footage, lot size, any amenities, are listed accurately.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–0:41
2
How are property tax assessments calculated and what factors affect my assessed value?
0:41–3:59
3
When should homeowners expect to receive assessment notices and why act quickly?
3:59–4:16
4
What specific data should I check on my assessment notice for errors?
4:16–5:49
5
How do tax rates differ from assessments and what can I actually control?
5:49–8:26
6
What are the first steps and timelines for appealing a property tax assessment?
8:26–9:46
7
Should I hire an independent assessor and how can their valuation help my appeal?
9:46–10:12
Speakers
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