The recent boom in equity has led to increased property values, resulting in higher property tax bills for homeowners. A report estimates that almost half of these homeowners are over-assessed and might benefit financially from appealing their assessments. Homeowners need not be experts to file an appeal; they simply require basic information and documents. Understanding the components of property tax calculationsâincluding assessed value and mill leviesâis essential for challenging unjust tax bills effectively, ultimately saving them significant amounts annually.
Property taxes don't follow a standard formula and can vary widely depending on location, making tax bills appear random without understanding the underlying calculations.
Nearly half of all homeowners may be able to lower their property tax bills by appealing incorrect property assessments, a process accessible to many homeowners.
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