Updated almost 7 years ago on . Most recent reply
Property Tax - City of Wyoming
How's it going?! I have a property under contract within the City of Wyoming. After looking up the tax info for other homes in the area of about the same age and size, I feel that that assessed tax value is high. How much luck have any of you had negotiating with an assessor's office to re-evaluate the taxable value of a rental property? I budgeted for about 2500 a year in property taxes, and removing the PRE from the current assessed value will bring it closer to 3500/yr. Thanks for the insight!
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@David Kramer, I don't know what state you have the property in, but in the state of Wyoming you only have one time of year to challenge property taxes. I have been mildly successful in challenging some valuations. You must timely file or you must wait until the following year. you must have real criteria, not just I budgeted less for these. What are the comps in your area? How much did you pay? How much did you invest in fixing it up? What are the current sale prices of similar properties near you? All of these things will be useful if they help your cause. If their valuation shows many other similar properties selling for the same price you are probably out of luck. Every state may have different rules, so look them up, they will likely be online.