I was looking at my current Assessed Property Value that I recieved in the mail last week from the local Tax Assessor and I think the valuation may be incorrect by 15k-20k. I am wondering if it is worth submitting a tax abatement form with the county in an attempt to reduce this valuation. Is there any risk is doing this? Is this pretty straight forward?
This is in Worcester, MA.
@Mike Hoefling How do you know it's high by that $15-20k?
I live in Texas and we employ a firm to dispute our assessed real estate taxes on a yearly basis. It is a game.
How much would you save on your taxes if the value was reduced $15-$20k?
My guess is that it probably wouldn't be worth it...
I do not know for certain but I bought the property less than 2 years ago, the current assessment is based on January 2014 according to the assesor. So my 'assumption' is that the assessed value should be much closer to the price I purchased it.
However, I am not really sure it makes sense to make an attempt to change the assessment because it may only lower my taxes around 40 bucks per month.
I am hearing from people that taxes are going up all over as towns and cities are catching on to the money people are making.
You typically want to have some good reasons why your assessment should be lowered. Sales comps of similar properties that have sold recently may help, but those sales can't be foreclosure or short sales etc, they should be standard transactions. You may also want to point out any significant problems with the property that the assessor may have overlooked. I think it's definitely worth a try, can't hurt you. I've done this a couple of times, and both times they lowered the assessment by a small amount.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!