Who Calculates Your Property’s Value?

The responsibility for calculating your home’s value for tax purposes is the tax assessor’s office in your city, township, borough, or county. The assessor is answerable to your municipality’s department of revenue and is subject to state tax laws and regulations.

What is Property Classification?

The first step in determining your property taxes is to classify your property according to its use. Municipalities typically contain several types of property. Residential, of course, accounts for structures and land used for home occupancy that does not generate income for the owner. Commercial properties are those that directly generate income for the owner, either through rentals (such as an apartment complex) or via business operations (such as a clothing store or auto body shop). The industrial classification is usually reserved for heavy industry (manufacturing, mining, logging, shipping), while the agricultural classification applies to land that generates revenue through farming.

How Are Residential Property Taxes Calculated?

Tax assessed values are used only by the property tax authority of your county or municipality in order to bill you properly. Your home’s appraised value represents the fair market value of the property, which depends on both market trends and the condition of the property itself. Counties and municipalities tax properties within their boundaries and use the funds for schools, community improvement projects, etc. To do this, they must determine the tax assessed value of each residential property within their jurisdiction. Tax assessment is usually based on reviewing data from your area or neighborhood (such as the recent valuations or sale prices of similar homes in your vicinity) and is done without an assessor coming to the home.

How Often Are Properties Assessed?

Frequency of community tax assessment depends on the county or municipality where you live. Some counties re-assess annually, while others do so every other year or less often.

What Factors Can Affect Your Property’ Value?

There are many factors that can affect the value of a single residential property. These include its location, its condition, any improvements made to the property, any recently constructed structures that have increased the property’s footprint, and any renovations that have increased the property’s “curb appeal” (such as new doors, windows, siding, or paint).

Can You Challenge a Property Tax Assessment?

Yes. If you disagree with your homes valuation or your tax bill, you may challenge the assessment. First, you may request a copy of the appraisal report and check for any errors could result in your property being undervalued. For example, check that the number of rooms in your home s correctly noted in the report, as well as the square footage of the home and the acreage of any attendant land. Also, check for invalid comparisons. Remember that assessors often determine an individual property’s value by looking at the values of similar properties nearby For example, if similar properties in your neighborhood have paved driveways and garages but yours does not, you may be receiving an unfairly high valuation on your property. You can also request a value appeal from your lender, but be prepared to show specific evidence why you believe you property has been incorrectly valued. And finally, check all work permits on the property for the prior assessment period. Assessors often use the number of work permits submitted for a property to help them estimate the type and nature of improvements that can affect the property’s value. Please keep in mind that you do not necessarily need an attorney to challenge a property tax assessment.

We hope this brief review helps you gain a clearer understanding of the fundamentals that affect your home’s value and the property taxes you pay. To learn how you can save money on your property taxes and make smart investments in your home’s value, contact our skilled professionals at Home Tax Savings today!

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About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Understanding Property Taxes: The Fundamentals appeared first on Home Tax Savings.

What Types of Improvements Will Trigger a Reassessment?

While there’s no defined list of improvements that trigger an automatic home value reassessment, a general rule of thumb suggests that any major improvement requiring a work permit from your community or local government is likely to result in a reassessment. This can include anything from a playroom addition to a full gut-and-rebuild. Property tax laws vary by state, but some general types of renovation are more likely to draw an assessor’s attention:

• Changes that would reduce the effective age of the structure, such as a complete remodel.

• Improvements that increase living space, such as the addition of a guestroom or transformation of an unfinished basement to a heated, carpeted playroom.

• A increase to the property’s footprint, such as a new multi-car garage.

Large jobs such as these require work permits, which alert your community assessor’s office that a re-evaluation of the property might be due during the next assessment period. Assessors look at room additions, basement renovations, re-roofing projects, and increased property footprints as signals to reassess. An assessor may even notice a renovation to your home simply by driving by. If for example the homes on your block were constructed with open porches, and an assessor sees yours is being enclosed for use as a guestroom, he may choose to reinspect the property.  So if you’re planning to undertake a major home improvement project like these, be prepared to see a jump in your annual property tax starting in the next fiscal year.

What Home Improvements Are Less Likely to Trigger a Re-assessment?

Some forms of home improvement are less likely to result in a reassessment of your home’s value. Adding a porch that is not heated or insulated for winter use, for example, would be less likely to trigger a reassessment than would a fully enclosed, insulated, and heated porch—which could be seen as increasing the usable square footage of your home. Other improvements that are less likely to cause an increase in your property tax bill include:

• Repainting (interior or exterior)

• Addition of new flooring

• Landscaping

• Minor roof repair (not full roof replacement)

• Repair to gutters, downspouts, and drainage

• Electrical repairs

Setting Priorities

If you’re planning a major home improvement project that you believe is likely to result in a property tax increase, you may want to ask yourself a few questions:

• How much will the project cost? Get estimates from your contractors and add 15% to cover potential cost overruns, delays, and unforeseen complications.

• How much value will the project add to my home? Check the sale prices of comparable homes in your area, and note of those with (and those without) the feature you’re adding to your home.

• When am I planning to resell my home? If resale is in your short-term plans, you may be able to reap the profits from your improvement without paying the year’s increased property tax.

• Can it wait? You may decide after crunching the numbers that your money would be better spent on repair and renovation jobs that are less likely to trigger reassessment, and to put of major overhauls another year or two.

At Home Tax Savings, we know that every dollar counts. We hope this post helps you make more informed choices about the home improvement projects you may be considering. If your property is reassessed and you feel the assessment is inaccurate, then contact us today and learn how we may be able to help you reduce your property tax bill!

______________________________________________________________________  

About HomeTaxSavings.com
HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Home Improvements May Affect Your Home’s Value—And Your Property Taxes appeared first on Home Tax Savings.

Residential Property

Municipalities generally assess the value of a residence by looking both at the property itself and by evaluating similar properties in the area. For example, they may look the structure itself and at any substantive improvements made to it (e.g., home additions that increase the structure’s footprint, or substantial renovations that add living space—such as converting an unfinished basement to a rec room). Assessors will likely also compare your home and property to similar homes and properties nearby as well as the prices that these homes are currently fetching on the open market. All of this will allow them to come up with an estimated value your property.    

Commercial Property

For commercial property, the valuation process is both more complex and more rigorous. Most commercial property owners are required to complete an annual income and expense form. This form and the information it contains are used by the local Board of Assessors to help determine the property tax rate for the establishment in question. A sample income and expense form can be found here.

What’s on the Form?

Rental Income

If you own a commercial property, one key area of inquiry regards rental income generated from the property. Depending on the type and use of the property, commercial owners may be asked to provide information on:

• Apartment and room rental income

• Hospitality services income (hotel, motel, hostel, or B&B room rentals)

• Commercial and industrial rental income (storage or manufacturing space leased to other businesses or individuals)

Income from Business Operations

Assessors also need to gauge the income generated by the property via production and will often use current and prior production stats to generate a picture of what the business might generate annually at both peak and base production rates. Assessors then use this information to help them calculate the tax rate for that property for that year.  

Capital Improvements

Another key area of inquiry regards any physical improvements made to the property or structures on it. These may include

• Addition of a new structure

• Demolition of an old, obsolete, or unsafe structure

• Substantial renovation to the property (e.g., roof replacement, new ventilation or HVAC system, interior renovation, or substantial remodel)

Expenses

After establishing an estimate of the income generated by a commercial property, the form asks commercial property owners to enumerate expenses associated with operating and maintaining the property. These may include:

• Payroll

• Insurance

• Utilities (gas, water, electricity, phone, internet)

• Supplies

• Routine cleaning

• Trash and snow removal

• Routine maintenance & repair

…and others.

It’s important to be as careful and detailed as possible when enumerating your commercial expenses, as failure to do so could result in an inaccurate valuation and a higher property tax bill. Assessors use the sum of this information (both earnings and expenses) to set a valuation from which your property tax rate is calculated.

At Home Tax Savings, our goal is to help you make sure your property taxes are fair and proper. No matter the type of property, it is important to challenge any assessment which you feel is too high. For residential property, Home Tax Savings can help you make  a more informed choice while guiding you safely through the often-choppy waters of property tax assessements and appeals. Contact us today and discover what Home Tax Savings can do for you.

______________________________________________________________________  

About HomeTaxSavings.com
HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.


Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Understanding the Differences Between Residential And Commercial Property Taxes appeared first on Home Tax Savings.

Additions

One sure way to increase your home’s value is to enlarge its footprint. The National Association of Realtors has estimated that every 1,000 square feet of living space added to your home adds approximately 3.3% to the structure’s value. For example, adding 1,000 square feet to a $200,000 home can boost the property’s value by nearly $7,000. A home addition, however, is a major undertaking that can get messy. Unexpected complications and changes in material or contractor costs can result in budget overruns and delays. However, the good news is that once an addition is successfully completed, it can have a very positive impact on your home resale value.

Roof Replacement

It has been estimated that 40% of structural problems result from roofing issues. When water enters a structure, it can quickly become destructive. Leaks, combined with annual freeze-and-thaw cycles can undermine the structural integrity of the structure. Replacement of rotted beams, brick re-pointing, plaster repair, and repainting are just a few problems directly linked to water damage from a faulty roof. As for return on investment (ROI), you are likely to recoup about two-thirds of your investment, especially if you keep materials and cost within the midrange. A state-of-the-art roof replacement is awesome, but the return actually peaks at midrange—so going “top of the line” on a new roof likely won’t increase your ROI, and may even reduce it.

Other Home Improvement Jobs

Remodeling Magazine’s 2018 Cost vs. Value Report examined 21 home improvement projects with a particular focus on recouped cost. Those receiving the highest ROI are listed below:

1.      Upscale Garage Door Replacement (98.3% recouped cost)

2.      Manufactured Stone Veneer Exterior  (97.1% recouped cost)

3.      Upscale Window Replacement  (94.3% recouped cost)

4.      Steel Entryway Door Replacement (91.3% recouped cost)

5.      Midrange Deck Addition (82.8% recouped cost)

6.      Minor Kitchen Remodel (81.1% recouped cost)

7.      Siding Replacement  (76.1% recouped cost)

8.      Midrange Bathroom Remodel (70.1% recouped cost)

You may notice that when it comes to kitchen and bath remodeling, “minor” and “midrange” projects offer a greater ROI than more upscale remodels. Homebuyers prize functionality, convenience, and a clean appearance, but are less willing to pay a premium for extras like brass fixtures, slate floors, or imported Italian tile. So if you’re remodeling your kitchen or bath to boost your home’s overall resale value, you my want to keep the renovations (and costs) within the midrange.

Exterior improvements that enhance your home’s curb appeal are likely to also yield the greatest ROI. Manufactured stone veneer, for example, scored very highly on Remodeling Magazine’s list for ROI, with siding replacement scoring well but slightly lower. Energy savers like upscale window replacements and security and safety features like a steel front entryway are also appealing to homebuyers and thus generate a robust ROI.At Home Tax Savings, we understand the importance of adding value to your home. We also know that some home improvements can result in a reassessment of your property and a subsequent increase in your property taxes. Check us today and learn how Home Tax Savings can help you appeal a property tax assessment that you feel is inaccurate or too high. If we find that an appeal is warranted and would prove beneficial to you, Home Tax Savings can provide the expert guidance, documentation an e-filing tools you need to file your appeal.

About HomeTaxSavings.com
HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Home Improvements That Offer the Greatest Return on Your Home’s Value appeared first on Home Tax Savings.

Antiquity

In ancient times, property was assessed primarily for its production value. For example, a landowner would be taxed based on what he was able to earn through his crops or livestock. In ancient Egypt, taxes were levied against cattle, grain, and even beer. Scribes maintained records that included details on land ownership, the size of each field, head of cattle, etc. Tax amounts were determined as a percentage of total production. The decrees detailed on the famous Rosetta Stone (196 B.C.) were actually related to rules governing the taxation of priests and temples. And in ancient Greece and Rome, the position of Tax Assessor was highly respected, owing largely to the fact that scribes were often among the few literate members of the community.

The Medieval Period

In Medieval Europe, ownership of land was limited to the royals, nobles, and gentry, though peasants lived on and worked the land. In England, for example, peasants paid an annual tax for use of the land, with tax amounts based on production. High-yield properties were subject to greater tax amounts. In 11th and 12th century England, a peasant typically paid approximately one tenth of his income to the Lord who owned the land. Under William the Conqueror, records were kept on all landowners, including the size and approximate yield of each parcel. Each town maintained a detailed record of the property owners, land values and taxes within its jurisdiction called The Domesday Book, which came to be known colloquially as the “Doomsday Book.”

The Colonial Era

During the Colonial era, property assessment and taxation made its way to the New World. Puritans instituted a practice of taxing all property owners, with the revenues going to support the church and the religious schooling of the community’s children. Landowners, regardless of their faith, were required to comply with the tax. During this period the local Sheriff served as tax collector, and tax values were determined based on the value of homes, livestock, and industrial structures such as mills and granaries on the property. While municipalities had relatively low expenses, funds obtained through property taxes were used to fund institutions that the community deemed necessary—such as the first public school, founded in Boston in 1635. In the largely agrarian South, where most land was held by a few wealthy individuals, property taxes were seen as an undue burden on landowners, so community funds were raised largely through poll taxes rather than through property taxes.

Early America

The young American republic struggled to come up with a mutually agreeable system of property taxation. Because states were often unable to meet set tax quotas, the Revolutionary War was funded largely through sale of public land as well as through loans from other nations, a debt that took until the 1830s to repay fully. Several solutions were proposed, including a national property tax, but no agreement among the states could be reached. The essential battle was between Hamilton (who advocated for a larger central government with national taxation powers) and Jefferson (who advocated a system where revenue was raised locally). In 1797, a looming conflict with France prompted John Adams to impose a national property tax to raise funds for a possible war. Known as “the window tax,” Adams’ system taxed property owners using the number of windows and doors per building as a proxy for a property’s size and value. Unfortunately these attempts at a national tax spurred several rebellions that had to be put down by the army.

During much of the 18th and 19tyh centuries, as the states struggled to implement a property tax system agreeable to all, the responsibilities of tax collection continued to fall, as they had in Europe, to the local Sheriff.

The Modern Era

By the early 20th century, property tax remained the chief source by which communities generated revenue. But amid cries for reform, the U.S. passed the 13th Amendment to the Constitution, allowing for the taxation of earned income. With the advent of the Great Depression in 1929, incomes and property values dropped almost universally throughout the U.S., and new methods were explored—both to decrease the burden on taxpayers, and to explore other avenues for revenue generation.

The repeal of Prohibition in 1933 restored some revenue sources, with taxes on liquor and the businesses that served it. Reforms during this period included the virtual elimination of tax on intangible property, the establishment of tax exemptions for the poor and infirm, and the creation of property tax limits in many states. As incomes rebounded following the Depression, property tax became less essential as a form of revenue generation. Also, other forms of tax (such as sales tax on groceries, gasoline, and other items) began to take up the slack.

In the 1970s, in response to public pressure in the state of California, Proposition 13 placed strict limits on the amount that property taxes could be increased over time. The law relieved property owners from the skyrocketing property tax rates and placed a 2% annual limit on property tax increases within the state.

In the computer age, property tax assessment and collection have also become the responsibility of local departments of revenue, and assessment processes have been increasingly less subjective and more data-driven as advances in electronic information-gathering and storage have become commonplace.

We hope this brief history of property taxes has provided some perspective on the issue. To learn more about ways you can save money on your property taxes, visit us at Home Tax Savings.

______________________________________________________________________

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience. The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer: This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post A Brief History of Property Tax appeared first on Home Tax Savings.

The median property tax in Virginia is $1,862.00 per year for a home worth the median value of $252,600.00. Counties in Virginia collect an average of 0.74% of a property’s assessed fair market value as property tax per year.

Virginia falls within the middle third of states in terms of property tax rates, and is ranked 20^th among all states. Virginia’s median income is $73,565 per year, so the median yearly property tax paid by Virginia residents is 2.53% of their yearly income. Virginia is ranked 29th of the 50 states for property taxes as a percentage of median income.

The exact property tax levied depends on the county in Virginia the property is located in. Falls Church city collects the highest property tax in Virginia, levying an average of $6,005.00 (0.94% of median home value) yearly in property taxes, while Buchanan County has the lowest property tax in the state, collecting an average tax of $284.00 (0.46% of median home value) per year. (Source: tax-rates.org)

How Property Taxes are Assessed in Virginia

In Virginia, property taxes are collected on a county-by-county basis, and each has its own method for assessing and collecting property tax. Due to this variability, there is no single property tax rate applicable to all properties within the state.

Exact property tax rates vary by country and are determined by the local property tax assessor. Median property taxes for each county have been calculated based on taxes owed on millions of properties in the state. Virginia contains over 100 counties, and while space prohibits listing the median property tax for each here, these values can be found by clicking here.

Appealing a Property Tax Assessment

If you are a Virginia property owner, you do have the right to appeal a property tax assessment. Appeals must be received within 90 days of the date of assessment. Under the rules of Administrative Appeals (23VAC10-20-165):

“The Code of Virginia gives a taxpayer the right to an administrative appeal of an assessment issued by the Department of Taxation, if the taxpayer believes that the department has incorrectly assessed tax, penalty or interest.”

The 90-day deadline for filing an appeal is strictly enforced. Filing can be done:

“…by hand delivery, email, common carrier, delivery service, United States mail, facsimile transmission or by any other means that ensures the filing of a complete appeal to the department within the 90-day limitations period.”

Your appeal must include a complete statement of facts relevant to your petition as well as the reason you are challenging the assessment. You are not obliged to make any partial payments while the appeal s under review. You will receive a notice of final determination on your appeal from the state’s Tax Commissioner.

If you are unable to meet the 90-day deadline, you must pay the tax amount in full, but you may file a Protective Claim for Refund. For more info, see the Virginia Taxpayer Bill of Rights.

If you believe you have cause to appeal your home’s assessed value or believe your property taxes are unduly high due to an assessment error, Home Tax Savings can help.

Home Tax Savings will provide you with a COST FREE assessment to help you determine whether your property has been overvalued, and whether your appeal is worth pursuing. We base our assessment on a careful analysis of property sales in your neighborhood to see how your home compares. If we find that an appeal would not be in your best interests, you pay nothing.

If we find that an appeal is warranted and would prove beneficial to you, Home Tax Savings can provide the expert guidance, documentation and e-filing tools you need to file your appeal.

Contact Home Tax Savings today and learn what how much we can save for you.

______________________________________________________________________  

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Understanding Virginia Property Taxes and Key Dates for Filing an Appeal appeared first on Home Tax Savings.

The median property tax in Massachusetts is $3,511.00 per year for a home worth the median value of $338,500.00. Counties in Massachusetts collect an average of 1.04% of a property’s assessed fair market value as property tax per year.

Massachusetts has one of the highest property tax rates in the nation, with only 5 states surpassing it. Massachusetts’ median income is $83,915 per year, so the median yearly property tax paid by Massachusetts residents is 4.18% of their yearly income. Massachusetts is ranked 9^th of the 50 states for property taxes as a percentage of median income.

The exact property tax levied depends on the county in Massachusetts the property is located in. Middlesex County collects the highest property tax in Massachusetts, levying an average of $4,356.00 (1.04% of median home value) yearly in property taxes, while Berkshire County has the lowest property tax in the state, collecting an average tax of $2,386.00 (1.15% of median home value) per year. (Source: tax-rates.org)

How Property Taxes are Assessed in Massachusetts

In Massachusetts, property taxes are collected on a county-by-county basis, and each has its own method for assessing and collecting property tax. Due to this variability, there is no single property tax rate applicable to all properties within the state.

Exact property tax rates vary by country and are determined by the local property tax assessor’s office. Median property taxes for each county are provided below:

Appealing a Property Tax Assessment

If you are a Massachusetts property owner and believe your property tax assessment to be inaccurate (over or undervalued), you may request a meeting with your county tax assessor. Present the facts of your case—including your reason for challenging the assessment tax amount—to your assessor’s office in writing.

If you are a Massachusetts property owner and believe your property tax assessment to be inaccurate (over or undervalued), you may request a meeting with your county tax assessor. Present the facts of your case—including your reason for challenging the assessment tax amount—to your assessor’s office in writing.

Most appeals are handled within a month of receipt. If the result of the county assessor’s re-evaluation does not satisfy your concerns, you may challenge your property tax before a state Appellate Tax Board. (Note: The link also provides information on where you must present your appeal.)

If you believe you have cause to appeal your home’s assessed value or believe your property taxes are unduly high due to an assessment error, Home Tax Savings can help.

Home Tax Savings will provide you with a COST FREE assessment to help you determine whether your property has been overvalued, and whether your appeal is worth pursuing. We base our assessment on a careful analysis of property sales in your neighborhood to see how your home compares. If we find that an appeal would not be in your best interests, you pay nothing.

Home Tax Savings will provide you with a COST FREE assessment to help you determine whether your property has been overvalued, and whether your appeal is worth pursuing. We base our assessment on a careful analysis of property sales in your neighborhood to see how your home compares. If we find that an appeal would not be in your best interests, you pay nothing.

Contact Home Tax Savings today and learn what how much we can save for you.

______________________________________________________________________  

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience.  The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer:  This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Understanding Massachusetts Property Taxes and Key Dates for Filing an Appeal appeared first on Home Tax Savings.

Here are some interesting facts and figures about property taxes and filing deadlines n Maryland.

The median property tax in Maryland is $2,774.00 per year for a home worth the median value of $318,600.00. Counties in Maryland collect an average of 0.87% of a property’s assessed fair market value as property tax per year.

Maryland has one of the highest property tax rates in the nation, with only 10 states surpassing it. Maryland’s median income is $86,881 per year, so the median yearly property tax paid by Maryland residents is 3.19% of their yearly income. Maryland is ranked 19th of the 50 states for property taxes as a percentage of median income.

The exact property tax levied depends on the county in Maryland the property is located in. Howard County collects the highest property tax in Maryland, levying an average of $4,261.00 (0.93% of median home value) yearly in property taxes, while Garrett County has the lowest property tax in the state, collecting an average tax of $1,173.00 (0.69% of median home value) per year. (Source: tax-rates.org)

How Property Taxes are Assessed in Maryland

In Maryland, property taxes are collected on a county-by-county basis, and each has its own method for assessing and collecting property tax. Due to this variability, there is no single property tax rate applicable to all properties within the state.

Exact property tax rates vary by country and are determined by the local property tax assessor. Median property taxes for each county are provided below:

Appealing a Property Tax Assessment

If you are a Maryland property owner, you should receive a Notice of Assessment every 3 years This statement reflects both the old and new assessed value of your property. If you feel the assessment value assigned to your property is inaccurate, the Maryland Department of Assessments and Taxation does provide an appeals process.

You may appeal either online or by completing and returning the appeal form included with your Notice of Assessment. Appeals must be received within 45 days of the notice date. The state attempts to address all reassessments by June 1 of the year in which they are filed, though high numbers of appeals can result in delays.

You may also petition for a review by the first business day following January 1, for the 2 years that the property was not valued at reassessment. A pdf of that form can be downloaded here. After you file a written appeal, you will be scheduled for a hearing; or if you prefer, your written appeal can be reviewed in lieu of hearing.

A third option is to appeal upon purchase of a new property. If you purchase a property after January 1 but before July 1, you may file an appeal of assessment. That appeal must be fled within 45 days of the transfer of the property. That form can be downloaded here.

If you believe you have cause to appeal your home’s assessed value or believe your property taxes are unduly high due to an assessment error, Home Tax Savings can help.

Home Tax Savings will provide you with a COST FREE assessment to help you determine whether your property has been overvalued, and whether your appeal is worth pursuing. We base our assessment on a careful analysis of property sales in your neighborhood to see how your home compares. If we find that an appeal would not be in your best interests, you pay nothing.

If we find that an appeal is warranted and would prove beneficial to you, Home Tax Savings can provide the expert guidance, documentation an e-filing tools you need to file your appeal.

Contact Home Tax Savings today and learn what how much we can save for you.

______________________________________________________________________

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience. The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer: This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Understanding Maryland Property Taxes and Key Dates for Filing an Appeal appeared first on Home Tax Savings.

Assessor A person who calculates the value or quality of a person or thing, especially for purposes of taxation.

Assessed ValueThe assessed value of a property refers to the taxable value of the property. This value takes into consideration the sale prices and inspection details of comparable properties in the area.Base Year ValueThe base year value represents the current market value of a property at the time of construction or purchase. It serves as a benchmark against which future valuation can be measured.ClassificationThe system for categorizing property by use for tax assessment purposes. Examples include residential, commercial, agricultural, and industrial.Corrected AssessmentA corrected assessment refers to a tax amount that results from a re-assessment or a revised assessment. It replaces a property tax bill based on a prior assessment.Escaped AssessmentEscaped assessment refers to any retroactive property tax that should have been assessed previously. This could refer to new construction, transfer of ownership, or any tax that “escaped” assessment during the previous year (for example, a home addition or other improvement to the property). ExemptionRelease from liability for part of a tax debt.
Fair Market Value (a.k.a. Full Cash Value)The dollar amount that a property would be likely to fetch on the open market. This value is mutually agreed upon by buyer and seller and serves the advantage of neither.ImprovementsAn improvement can be any existing structure, new or old, that adds value to the land. Examples include homes, barns, extensions, pavilions, decks, piers, etc. Lien
Seizure or claim on all or part of a property’s value to satisfy a debt.Lien DateThe date on which taxes are collected for the prior fiscal year, or the time at which taxes become a lien on the property.

Mill RateThe millage rate or “mill” typically refers to the property tax rate. From the Latin word for thousandth, it equals 1/1000th. When used to compute property taxes, a home with a taxable value of $250,000 and an assessed mill rate of 1 would result in $250 in taxes. ($250,000 x 0.001 = $250)

New ConstructionAny additional structure or improvement added to a property. Can refer to a new construction or building (such as a guest house or room addition) or to fixtures added to a property since the last lien date.Personal PropertyAny owned property excluding real estate. Examples include automobiles, stocks, jewelry, clothing, precious metals, and pensions.

Real propertyValue of owned land, including standing timber and any minerals or mines on the land.Roll (a.k.a. Assessment Roll)A record of taxable property and property owners for a given tax jurisdiction.Secured PropertySecured property refers to any property that cannot be moved (e.g., land and homes). Secured Tax RateIn California, under Proposition 13, the secured tax rate is limited to 1% of the property’s assessed value (plus any voter-approved bonds or assessments), for the current tax year. The previous year’s secured tax rate s referred to as the unsecured tax rate.We hope this quick review of property tax terminology helps you make more informed choices when buying, selling, or refinancing a home, or when challenging an assessment. To learn more about ways you can save money on your property taxes, visit us at Home Tax Savings.

______________________________________________________________________

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience. The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.Disclaimer: This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Glossary of Common Property Tax Related Terms appeared first on Home Tax Savings.

But say you know nothing about tax law or real estate valuation. How can you appeal your valuation and lower your taxes, without taking on the added expense of attorney’s fees that risk wiping out any tax savings you gain?

The first step is to file an appeal. You don’t need a lawyer to do this, as the forms are downloadable online. But once you have the forms, you do need to be aware of two things: 1. Forms must be completed precisely per instructions or you risk having your appeal denied on a technicality, and 2. You must file your appeal within the prescribed window (usually between 30 and 120 days, depending on your state) to have your appeal reviewed. Your local assessor’s office can help explain the review and appeals process as well as alert you to deadlines.

To file a successful appeal, you’ll also need to prove that the prior assessment was in some way in error or did not accurately represent your property’s value. To do this you’ll need to obtain and carefully review the government documents used to assess your home’s value. These are typically an actuarial worksheet and a sales sheet. The worksheet lists the specific characteristics of your home (number of bedrooms, number of baths, roof type, etc.), whereas the sales sheet shows how your home was compared to others in your area to determine its value.

You’ll want to review these documents carefully for math errors or other inaccuracies. Say your home was assessed as having three bedrooms but only has two. Such an error can easily overvalue your property and result in an inflated tax assessment. Another potential challenge can occur if you purchased your home for a price significantly lower than its assessed value. And third, if assessments of other houses in your neighborhood were inflated, this could have affected the valuation of your property. For example, if the houses used for comparison had improvements or other features your home doesn’t share, your property could be over-assessed.

Another source of potential tax savings is exemptions. For example, if you are a senior, a Veteran, or have a disability, you may qualify for an exemption that can lower your property valuation and yield tax savings.

All this can sound daunting, especially if this is your first foray into the world of tax law and property valuation. Fortunately, you are not alone. Home Tax Savings can help.

How Home Tax Savings Works:

• We provide you with a COST-FREE assessment to help you determine whether your property has been overvalued, and whether you have an appeal worth pursuing. We base our assessment on a careful analysis of property sales in your neighborhood to see how your house compares. If we find that an appeal would not be in your best interests, you pay nothing.
• If we determine an appeal is appropriate and would save you money, we acquire and complete the proper documents needed to file an appeal with your local city, township, or county. We complete each of the jurisdiction’s required forms with your personal home data and analytical results The completed paperwork and the price assessment analysis are included in the final package that is provided to you as a PDF file format so you can easily save it to your files or print it out for direct filing with your local assessment office.
• We assemble and complete the needed support documents for your appeal—including a comparable sales report that includes market data, analysis, and photographs of relevant properties, and completed copies of all required local appeal forms for you to directly submit to your local government in a timely manner.
• And best of all, you do NOT need to hire an attorney. Home Tax Savings offers expert guidance from experienced tax professionals at affordable rates that won’t consume the savings you gain.

Why go the extra expense of lawyer’s fees when Home Tax Savings can do it all for less? Contact us today and discover what Home Tax Savings can do for you.

About HomeTaxSavings.com

HomeTaxSavings.com is wholly owned by Assessment Solutions, LLC and was established in 2016 as the nation’s first fully automated and integrated real estate assessment review and appeal system. The principals of HomeTaxSavings.com have worked in the real estate and IT world for over 100 years. Founders Keith McIntosh, Stuart Smith, Rachel Brown and Mandeep Sandhu possess a vast knowledge of the industry with many years of experience. The group is gaining wide popularity having covered The District of Columbia, Maryland, Virginia, Texas, Colorado, Georgia, Florida, California and Washington.

Disclaimer: This article is for informational and educational purposes only. The HomeTaxSavings.com website is not a market value appraisal, rather it is an assessment tool.

The post Do You Need An Attorney To Challenge A Property Tax Increase Or Assessment? appeared first on Home Tax Savings.