It’s Tax Protection Time
Coming up fast is the one time of the year that you can question your real property taxes by having your real property tax assessment reviewed. That review should be done to make sure that you are not paying more than your fair share.
If you have not filed what is called a “grievance” by the third Tuesday in May, 2020, you lose your chance for another year to test whether the real property tax assessment that determines your taxes should be modified.
The amount of real property taxes imposed on a property affect how much that property is worth in the market place. The larger the tax bill, the less the property is worth. It is no great honor to pay more in real property taxes then is fair and equitable.
The assessor is obligated to value your property at the fair market value based on recognized standards of measurement. That valuation should be fair and equitable in relation to the values of other similar properties. The valuation should not be excessive or unequal.
The valuation of income-producing property, such as residential real estate, shopping centers, and industrial buildings, should be arrived at by a proper analysis of the capitalized value based on your income and expense and/or comparable market data. There must be a fair and even-handed determination of value. Your property should not be one that has been singled out to be reassessed that is not part of an overall reassessment plan.
We can help you make the initial review with relatively few items of information. If you email the last real property tax bill you received, we can access most everything that is needed for an initial scan. There may be certain questions generated by that review. Please include the contact person’s name and phone number in the email. Your response is without obligation.
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
Gerald Jacobowitz is of counsel with the firm and practices Environmental/Land Use, Real Estate, Municipal and Business Law. He can be reached by phone at 845-764-9656 and by email.