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If you are confident that your property's current market value is lesser than its assessed value, you can get it assessed again to lower property tax. Here is how you can get your property reviewed:
1) Get a factual decline in value report to strengthen your case (even if it is not mandatory to do so). Avoid providing insufficient information, such as news articles and real estate reports about the decline in property value.
2) Contact your local county assessor's office to ask for the application filing procedures. Several counties have a reassessment form they ask you to fill. This document may be available on the county's website. Some counties just ask you to send them a written notice or call them.
Application Deadline
The deadline for filing an application is usually between Jan 1 and Dec 31 for the fiscal year starting on Jul 1 of that same year. Contact the assessor's office of the county in which the property is located to get more information about application deadlines.
Annual Review
If you manage to get a tax reduction after the review or the assessment appeals board decision, you will not have file another application to lower property tax the following year because your property will be automatically reviewed to find whether or not the lien date value of that year should be kept the same, increased, or decreased.
Late Application
You can get your assessed value reduced even if you have already paid your tax bill. According to section 4831(b) of the revenue and taxation law, the property's present market value should have been considered instead of the factored base one. This law enables the tax assessor to solve the issue within one year after the assessment roll is annually due on Jul 1.
Review Result
After reviewing the case you have made to lower property tax, if the assessor decides that your property's present market value is in fact less than its assessed value, then:
1) The market value will be considered rather than the assessed value for the applicable fiscal year.
2) The annual tax bill will show the changed value. However, you may also get a notice by mail from the assessor regarding the changed value before you receive the bill.
3) The assessor will make the same assessment next year and will consider the market price or the Proposition 13 factored base year price, depending on which one is lower.
Submitting your case properly is critical if you want to lower property tax. Decline Value provides you with a comprehensive Decline in Value report to help you save money on taxes.
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