Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png How To Appeal A High Tax Assessment On A Home – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 26 Jan 2016 12:30:05 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Tips For Disputing High Property Taxes [caption id="attachment_3635" align="aligncenter" width="450"]How To Appeal A High Tax Assessment On A Home How To Appeal A High Tax Assessment On A Home[/caption] Paying taxes is a tough pill to swallow.  Unless you want to get yourself in trouble, understanding that the federal government and your state is going to come for their taxes can make the pill less difficult to swallow. It can be an extremely difficult pill to swallow for homeowners who are paying higher taxes than they should be or that they believe they should be.  The reality is that there are thousands of homeowners across the country that are paying higher taxes than they truly should be. One topic that is always up for debate throughout the year relates to tax assessments.  Certainly homeowners who have tax assessments that are lower than what they should be don't complain.  Those homeowners who have high tax assessments are frequently asking how to appeal a tax assessment on a home, which happens to be a FAQ from home sellers. Below you will find some excellent information that discusses what a tax assessment is, how tax assessments affect homeowners, what affects a homes tax assessment, and also some excellent tips for disputing high tax assessments.
Jump To The Tips On How To Appeal A Tax Assessment On A Home

What Is A Tax Assessment?

Property taxes are a huge source of revenue for local and state governments.  A homes property taxes are based on the homes assessed value.  The higher the assessed value, the higher the taxes will be. A tax assessment is usually made up by two components.  The first component of a tax assessment is the value of the land in which a home sits on.  The second component of a tax assessment is the value of the actual structure or home.  The value of the home is typically much more than the value of the land unless there is a significant amount of land. It's extremely important to understand when discussing a tax assessment or assessed value that you understand there is a major difference between assessed value and market value.  A homes tax assessment can be an accurate measure of what the home is worth if it were to be sold, but more commonly than not, a homes tax assessment has no correlation to market value.  Some homes are worth much less than the assessed value and others are worth much more. When reviewing a tax assessment it is critical to understand if your local municipalities assessments are based on 100% market value or less.  For example, Webster NY tax assessments can be 100% of market value, 50% of market value, or any percentage, it depends on the individual property.

What Affects A Homes Property Tax Assessment?

Depending on your local municipality, tax assessments maybe reviewed and updated annually, bi-annually, or every four or five years.  It really depends on your local municipalities rules and regulations for tax assessments. For example, the majority of Rochester real estate communities will reassess homes once every four years, whereas other parts of New York State will reassess annually or bi-annually. There are many factors that can affect a homes tax assessment.  One of the biggest factors are improvements that are made to a home.  If an addition is built on a home and it adds additional square footage, it's likely the assessed value of said home will increase due to the additional living space. Other things that can affect a homes tax assessment include;
  • Adding a deck or patio
  • Improving a kitchen or bathroom
  • Building a shed or outbuilding
 

How Do Tax Assessments Affect Homeowners?

[caption id="attachment_3636" align="aligncenter" width="450"]How Do High Tax Assessments Impact Homeowners - Complete Details Inside How Do High Tax Assessments Impact Homeowners - Complete Details Inside[/caption] Tax assessments can have a huge impact on homeowners.  First and foremost, they impact the amount of taxes the homeowner is paying yearly on their property.  If a homeowners assessment is much higher than it should be, they are potentially paying thousands of dollars in taxes that they should not be paying. Tax assessments can also have a significant impact on homeowners who are attempting to sell their home.  There are some buyers who are shopping for homes that will choose not to look at a home because the taxes are much higher than others in the same area.  If a home has higher taxes than it should, this is a great way to scare away potential buyers from the home.

Determine If It's Worth Appealing Your Tax Assessment

One major consideration to make before beginning the tax assessment appeal process is deciding whether it's worth your time and efforts.  There are several considerations that can help you come to this conclusion. The first thing to consider when deciding is the amount you expect your tax assessment to be reduced by.  If you believe your tax assessment is only $2,000 or $3,000 high, it may not be worth your time and efforts appealing your assessment as the yearly savings are likely minimal.  If you believe your tax assessment is tens of thousands of dollars high, than certainly it is worth your time appealing your tax assessment. Another great way to help determine if it's worth appealing your tax assessment is to research the local real estate market.  Since tax assessments are based on market values, it's important that if you believe other homes similar to yours are assessed for less that they are truly similar. A home that has 300-400 fewer square feet is different as is a home that has 3 additional acres of a land.  It is very important that when determining whether appealing your tax assessment is worth it or not that you're comparing apples to apples! If you're unsure whether appealing your tax assessment is worth it or not, another option is to have an appraisal done on your home.  An appraisal is a unbiased evaluation of a properties value and can be extremely helpful in determining whether your assessed value is high or not.  If an appraiser indicates that the market value of your home is $25,000 less than the assessed value, you will likely have a strong case and it absolutely is worth contesting your tax assessment.

Tips For Disputing Tax Assessments

[caption id="attachment_3637" align="aligncenter" width="450"]Money Saving Tips For Appealing A High Tax Assessment Money Saving Tips For Appealing A High Tax Assessment[/caption] If you believe that your tax assessment is too high on your home, it's silly if you don't attempt to appeal it.  Below are some of the best tips for appealing a tax assessment on a home.  By following the tips below, if your tax assessment is indeed high, you should be able to successfully be able to lower your tax assessment!

Meet With Your Local Assessors Office

If you believe the tax assessment of your home is too high, than the first step is to meet with the local assessors office.  In some municipalities, the assessors office will not schedule meetings but instead will require you to file a formal appeal also known as a grievance. In New York State since almost all property is assessed locally by the municipalities assessor, it's important that when attempting to challenge a high tax assessment you know when your local municipalities grievance day deadline is.  The tax grievance day deadline in Rochester NY in most communities is the fourth Tuesday in May. The grievance day deadline is the last time that a formal request to lower a tax assessment is allowed to be received for that tax year.  Each municipality typically has a group of members who review each application.  The members may include real estate agents and of course, the assessor. When filing a formal appeal with your local tax assessor, it's vital that you have supporting information to show that your tax assessment is indeed high.  If you do not, it's likely your request will be denied.  Strong supporting information to provide your local assessors office should absolutely include a handful of recently sold homes in your neighborhood that are similar to yours.  If the comparable homes are similar to yours and are selling for much less than your assessed value, providing this information greatly improves the chance that your assessed value will be lowered. Depending on your local municipality, the time to review your appeal may take a couple weeks or potentially a month.  It's possible that your request to reduce your tax assessment will be granted and you will not have to take any further steps.

Judicial Review

If your request to have your property taxes lowered by your local assessors office, depending on your location, the next step will be judicial review.  In New York State there are two levels of judicial review, the first being the small claims assessment review, also known as SCAR. Small claims assessment review is a great low-cost option that is available to homeowners.  The cost for a homeowner who is appealing their tax assessment via SCAR will have a minimal cost of around $30.00.  The SCAR is comparable to the process of taking someone to small claims court where lawyers are rarely involved. The second option for judicial review in New York State is a tax certiorari proceeding with the States Supreme Court.  If attempts to appeal a tax assessment are unsuccessful with the local assessors office and also the small claims assessment review and you must go this route, it's highly recommended you contact an attorney.

Final Thoughts

Overpaying property taxes can be extremely frustrating.  If you believe that your tax assessment is too high, it's important you understand how to appeal a tax assessment on a home. As you can see above, the rules for each state and community can very significantly.  Generally, if you believe your property taxes are too high, the first step is to contact your local assessors office to find out more about the process.  If the proper tips for appealing high tax assessments are followed, you can successfully save yourself hundreds, potentially thousands of dollars per year!

Other Resources Relating To Tax Assessments

Are you wondering how to appeal property tax assessments in Rochester NY?  The above tips are certainly a great start to successfully accomplishing your goal of paying lower property taxes!  If you need assistance with challenging high property taxes on your Rochester NY home, contact me and I'd love to give you some tips and advice.
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors: The above article "How To Appeal A High Tax Assessment On A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>