If you are a property owner you should have received notice of your 2009 property tax assessment in the past couple of weeks. (If you aren’t yet a property owner then please give us a call because there are some great opportunities in the marketplace AND there is an $8000 tax credit waiting for first time home buyers!) Should you appeal your property tax assessment? We have some questions you should ask yourself AND a free step by step guide to a successful appeal, in case you decide your answer is yes!
Be aware that you have the right to appeal your home valuation to your local board of review if you believe it is not accurate. Your Board of Review is a small independent panel made up of private citizens. This panel is meeting the second week of March, and has the ability to change your assessment if they believe it contains errors or is inaccurate.
The amount we pay in property taxes is a function of our Taxable Value (TV) and our millage rate. The amount you pay in taxes will change only if there is a change in your Taxable Value. However, it is wise to try to minimize the difference between the TV and the State Equalized Value. This may well impact your property taxes in future years because the TV may never exceed the SEV.
You may want to consider appealing your home valuation (TV and/or SEV) with your local board of review if you believe that any of the following conditions exist:
- The information your municipality has on file about your property is inaccurate
- The SEV is more than ½ of the true cash value of your house
- The TV is more than ½ of the true cash value of your house
- There is a sizable discrepancy between your SEV and your TV
- Your TV increased by more than 4.4% for 2009
- Your SEV and/or TV is higher than those of similar houses in your neighborhood
Your chances of successfully appealing your tax assessment will depend on how well you prepare for your meeting with the Board of Review. The Veenstra Team has a free step by step guide to effectively appeal your property tax assessment which was written by the Greater Kalamazoo Association of REALTORS and the Home Builders Association.