It is very common for a property owner to challenge the valuation of their property. One of the reasons for this is that the tax implications of the valuation can be dramatic. Usually as a property owner you are allowed to meet with the assessor to present your case. It is important to remember that mentioning that your taxes are too high as the basis of your argument will never help your case.
Following is a brief overview of the best strategies for challenging a property valuation, particularly if you are facing the division of your property, and what to do if you cannot afford the assessment taxes on your property.
Challenging a property valuation
To challenge your property valuation, you should gather all appropriate records so that you can make a convincing argument. You should take a close look at the accuracy of the assessment and point out any errors, even if they are minor. Make sure to point out any hidden conditions that could make all the difference in your tax valuation.
Usually a dependable way to assess the value of your property is to compare it to similar houses or apartments in your neighborhood. Real estate prices are public information, so you will find this easy to obtain.
If you cannot afford your taxes
Unfortunately there is not much that can be done if financial hardships are making it difficult for you to afford your taxes. In New York, property taxes are not based on earnings. However, if you receive a large tax bill, you are able to apply for a hardship exception or tax deferral.
Source: Findlaw, “Tips for Challenging Valuation of Property,” accessed Aug. 25, 2017