Real Property Tax Challenges

Due to the current economic situation the fair market value of real estate may not be correct for tax purposes. It is important to periodically review the value of real estate to insure that the proper amount of taxes are assessed and paid. It is also important to know that there are two small windows of opportunity to appeal the valuation of property.

The first is during the return period (generally, this is during the return period from January 2 and March 1 of each year, but can vary county by county).

The second window of opportunity is within 45 days of the mailing of assessment notices by the county tax office. In other words each year you can contest fair market value from January 2nd to March 1st, without regard to an assessment, but during the rest of the year, a contest must be after notice of an assessment. All appeals must be made in writing. Fair market value is defined for tax purposes as the amount a knowledgeable buyer would pay and a willing seller would accept for the property in an arm's length, bona fide sale. The assessed value is 40% of the fair market value.

Please contact us today to discuss your particular property tax situation.