Understanding your property assessment and whether you should file an appeal is crucial to ensuring you’re not overpaying on your property taxes. Here’s a simplified guide to help you navigate the appeal process.

Is an Appeal Right for You?

If you find inaccuracies in your property characteristics as listed on your assessment notice, or if you believe the estimated market value is significantly higher than what your property could sell for in the current market, it’s wise to consider an appeal. A useful benchmark is this: if your notice’s details are accurate and the market value estimate is within 10% of your own estimation, it’s less likely an appeal will substantially affect your tax bill.

Impact of an Appeal on Property Taxes

Filing an appeal is about ensuring the accuracy of your property’s assessed value, not directly about lowering your tax bill. The total assessed value within your community, alongside the tax levies set by local authorities, influences your share of property taxes. Essentially, if your property’s assessment increases less than others in your area, you might see a relative decrease in your tax share.

Understanding Your Assessment

The Assessor’s Office strives for fairness, using standardized methods to estimate market values across all properties. A recent purchase price may not always align with this estimate, as it can be influenced by numerous factors unique to each sale.

Timing Your Appeal

You typically have 30 days from receiving your reassessment notice to file an appeal. If you miss this window, you’ll have to wait for the next appeal period. It’s unnecessary to appeal annually unless there’s a significant change to your property.

Estimating Market Value

The Assessor’s Office employs different methodologies for estimating the market value of residential versus commercial/industrial properties. The estimated market value is an office’s best guess of what properties like yours are currently worth, which is then used to calculate your property’s assessed value—usually 10% of the market value for residential properties and 25% for commercial.

Property Types and Appeals

The nature of your appeal can vary depending on your property type. Whether it’s vacant land, residential, commercial, or not-for-profit, each category has specific guidelines and forms required for a successful appeal. 

Vacant Land (Class 1): Unimproved real estate.

Residential (Class 2): Homes, condos, multi-family buildings with up to six units.

Apartments with 6+ Units (Class 3): Buildings with seven or more units.

Not-For-Profit (Class 4): Non-residential properties used by not-for-profit organizations.

Commercial and Industrial (Class 5): Properties used for business, including hotels and manufacturing.

Special considerations apply to omitted assessments, incentives, and specific properties like condominiums, with distinct forms and processes for each.

Final Thoughts

Deciding to appeal your property assessment is a significant decision that can impact your property tax responsibilities. By understanding the process, your property’s assessed value, and the timing for appeals, you can make an informed decision that potentially benefits your financial situation. Remember, the goal of an appeal is to ensure fairness and accuracy in how your property is valued within the larger community.