BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
I recently read a post somewhere about appealing your property taxes. The poster wanted to know if you could, in fact, appeal your property taxes.
Yes, you can! Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
Thanks for the info. I actually have been hearing a lot about this lately. Apparently, the tax assessors are taking notice of all of the improvements that are so hot of late. So, I guess all I can say is watch out for the tax man.
At the same time, if you get assessed at a level you're not comfortable with, try your luck with an appeal.
My investor/realtor just did this and won. I haven't tried it yet (seems silly since I just bought the building for more than the tax appraised value, eh :D) but I fully intend to do this when/if I buy a property for a bargain basement price.
P.S. No, I didn't overpay... it's just that the owner did a lot of repairs that the tax man didn't see yet!
Here in Memphis/Shelby County Tennessee you can file to have a hearing before the Board of Equalization every year. I have had several successful appeals. I am still waiting for hearings for the 2011 filings (I filed in June :/) and will file several more before the 2012 deadline this June. The market downturn had definitely made an appeal worth it to increase your cash flow.