It's property tax time again.
I don't have many properties, so far including my primary residence I have six. But the property tax bills add to more than $20,000.
On the bright side, it's still less than my insurance.
So my question is, I have seen those ads where you hire someone and they go and try to get the property taxes reduced, if there is a reduction you pay them a fee if there isn't you owe nothing. They claim a high success rate.
Does that really work? How does it work? Can one do it yourself? and if it does work, does it get "depressed" that one year only and next year it's back and you have to do it again?
In order to save a few pennies to pay for my property taxes, I will be eating ramen noodles for dinner tonight.
You, or another firm, would have to show through comp sales that your property really is worth less than it's assessed for. Usually their assessments are below market values to begin with, especially with them not knowing you have brushed aluminum handles on your plumbing access hatches! And remember, that's not Current comps. 2014 tax values are determined by 2013 4th quarter sales, the year's value established on Jan 1st of that year. With some extra seasoning, Ramen noodles aren't that bad anyway.
@Sam Leon You should see what they are in NY!
haha I see what you are saying, but these firms seem to claim such a high success rates I thought may be they have a certain tricks up their sleeves. The valuations seem OK, I just want to pay less taxes or insurances. It just sound really upside down when taxes and insurance are more than the mortgage.
Exactly as @Wayne Brooks
mentioned, it's just simply hiring someone to check if your property is worth less compared to comps. But tax value is generally less than MV to start so not sure if it's worth the effort.
I called my town tax department once to contest the property value, and they simply said "sure we can do an inspection, and it may reduce your tax value. However, it may also raise your tax value"!
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