How Do I Appeal My Property Tax Assessment?

Property taxes are on the rise nationwide, even as property values are on the decline. In this tough economy, increasing property taxes mean more people are in jeopardy of losing their homes. As many as 60 percent of properties across the country are overassessed, according to the National Taxpayers Union, a nonprofit group that promotes lower taxes. Property tax bills are arriving in mailboxes across the country, and Mellody Hobson, president of Ariel Investments and “Good Morning America’s” personal finance contributor, explains how you can determine if your property tax bill is too high. Q: How are property taxes determined? A: Property taxes are usually calculated by taking the assessed value of your home and multiplying it by the tax rate...

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