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...
Read MoreWhat Do Property Taxes Pay For?
County property taxes, or any other tax for that matter, while unpopular, are an essential source of revenue to county and/or state governments. County property taxes help pay for essential community services. Each taxing authority, whether local or state, continually strives to update its county property tax appraisal ratios based on current market values. Their objective is to maintain tax equalization on residential and commercial property located within their taxing jurisdictions. Most county governments are dependent on county property taxes for their income. Accordingly, the property taxes that are levied can and do vary a great deal from county government to county government. Perhaps, paying county property taxes is unpopular, because we feel we...
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