REAL ESTATE TAX ASSESSMENT APPEALS
Particularly within the past several years, with real estate values having generally declined, an increasing number of properties are over assessed. Your home may be assessed too high resulting in you paying excessive real estate taxes to your school district, municipality and county. If your home was newly constructed in the past several years, it is, most probably, assessed too high.
Although many factors are analyzed to ascertain the correct assessment, the Common Level Ratio, which is the average ratio between the value of real property for assessment purposes and fair market value for real property in your county, must be utilized. The process to appeal your property tax assessment is not particularly complicated but must be processed thoroughly and professionally.
Let’s just assume, for instance, that your total real estate tax liability is five thousand dollars ($5,000.00) per year and that your home’s value may have declined in recent years such that your assessed value is actually twenty percent (20%) higher than it should. A successful appeal may result in a savings of a thousand dollars ($1,000.00) EACH and EVERY year thereafter! Can you use an extra thousand dollars a year – I bet you can.
Contact me so we may discuss if your property may qualify for a tax assessment appeal. I frequently represent clients in such matters on a contingency fee basis so that there may be no out of pocket expense to you. If your home is presently being marketed for sale, it is even more important to consider filing an appeal since lower real estate taxes will, clearly, be helpful in selling your property.
IMPORTANT NOTICE
Real Estate Assessment Appeal Deadlines
County Filing Appeal Deadlines
August 1, 2011
Delaware County
Chester County
Bucks County
-292 days left to file.
September 1
Montgomery County
-261 days left to file.
October 4
Philadelphia County
-228 days left to file.