All across the United States, real estate values have dropped dramatically. Many properties have not been accurately reassessed for property tax purposes. Property taxes are meant to be based on the value of the property. A property tax assessor places both an assessed and taxable value on a property, often based on what it would cost to replace the property. This assessed and/or taxable value of the property directly relates to the amount of property tax each property owner pays. Issues with property taxes lie with whether the property is really worth what the assessor says it is. What is the property's fair market value (FMV), as opposed to its replacement cost? This question is especially important for industrial and commercial taxpayers with multiple business locations. Many property owners are overpaying on property taxes, as there may be a substantial gap between the assessed value and the actual value of the property.
The property tax appeals process may vary by location. Generally, however, it starts with the annual assessment notices mailed out in April of each year. Property owners have a limited amount of time to file a protest of the assessment. Attorneys at the Goosmann Law Firm, PLC understand the tax appeals process.