Property Tax Quiz December 28th, 2009
True or False
1. The Assessor determines your property tax.
2. If your property assessed value is lower for 2010 than for 2009 your
taxes will be always be lower.
3. If you file a property tax petition the assessor can RAISE your assessed
value.
4. You should always challenge your assessed property value every year.
5. If you can't sell your property today for the 2010 Assessed value than
the assessed value is too high.
6. Your assessor may deal with 5,000 different properties.
7. Its too late to challenge your 2010 property tax assessment.
Answers.
1. The Assessor determines your property tax.
False. Think of your property tax amount like a pie. The ingredients that
determine the size of the pie are the budgets set by your City, County,
School District, Park District and don't forget the Mosquito Control people.
The assessors job is to determine how to slice that pie amongst all the
properties. The assessor has no control over the size of the pie. So when
you successfully appeal your property tax assessment and reduce the size of
your pie slice, your neighbors pay more.
2. If your property assessed value is lower for 2010 than for 2009 your
taxes will be always be lower.
False. See above. If the budgets increase and your pie slice stays the same
size you can pay more taxes. Or your pie slice may get bigger because your
neighbor's got smaller. Or the laws changed. Many factors influence your
property tax amounts. Being proactive about challenging your property tax
assessment is the one factor you have the most control over.
3. If you file a property tax petition the assessor can RAISE your assessed
value.
False. The assessor may lower your property tax assessment in a negotiated
settlement. But the assessor cannot raise your assessment once the numbers
are firmly set. However, if you actually go to tax court the tax court can,
and has, raised assessed values.
4. You should always challenge your assessed property value every year.
False. You should REVIEW your property tax assessed values every year. There
is cost involved in challenging your property taxes. Its best to have an
expert in the field review your assessment before deciding to file. And be
really careful about filing a property tax appeal if a public entity needs
to acquire all or part of your property for a road, utility, etc.
5. If you can't sell your property today for the 2010 Assessed value than
the assessed value is too high.
False. There is a 2 year lag between when you pay your property taxes and
when the data was studied to determine your assessment. Remember the good
old days with rising property values and your tax assessment looked too low?
Opposite is true today for many properties-your property value today may be
lower than the 2010 assessed value.
6. Your assessor may deal with 5,000 different properties.
True. Your property tax assessment is determined by Mass Appraisal. The
assessor tosses a bunch of data in their computer and it spits out valuation
numbers. Little more to it than that. It can take me several days to
appraise one property. Your assessor doesn't have that amount of time to
spend on each property. When you appeal your assessment it gets a closer
look.
7. Its too late to challenge your 2010 property tax assessment.
False. Your assessor may tell you this. But you have until April 30th, 2010
to file a property tax petition for Tax Court.
Uncertain if an appeal makes sense for you? Email me your property ID,
property location and your phone number. I'll take a quick free look to see
if a property tax appeal makes sense for you in 2010.
