According to the National Taxpayers Union Foundation, up to 60% of properties are overassessed in value. Since your real estate tax is the biggest property-related expense after your mortgage and is based on this determination, you could save thousands of dollars each year by disputing your home’s assessed value. Galvin Realty Group has been providing real estate and property tax services in the Rochester, NY, area since 1987 and explains how to challenge an evaluation.

Fair Market Value & Its Effect on Taxes

Your property taxes are determined by the fair market value of your property — the price a reasonable buyer would pay for it and a reasonable seller would accept. Your county’s assessor determines the fair market value, but it’s an imperfect process with a lot of room for errors and interpretation.

The assessor will send out a notice of your property’s assessed value each year. You must file an appeal of this assessment within a month of the notice’s arrival, so keep an eye out for it and be prepared.

Using Property Tax Services to Dispute an Assessment

You can go to your county’s assessment website for information about the appeals process. The website also should have all the details that were used to assess your property, so go through them to see if anything is incorrect. There might be a simple mistake like the wrong figure for your building’s square footage or an incorrect total for your house’s bedrooms or bathrooms.

The report also could be missing other aspects that affect your property’s value, such as an imperfect foundation, and including them could change the assessment in your favor and lower your tax. Arrange a real estate appraisal that takes into account the additional factors, compare it with recent comparable sales, and include the information with the paperwork for the appeal.

Galvin Realty Group can take care of all your property management needs, from commercial leasing to property tax services. Call (585) 546-1290 to speak with an agent about how they can help you appeal your property’s value. You also can make a request online, where you’ll find more information about the commercial real estate management company.