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What is a property tax protest? How does it help you?

Are you suspicious about the tax you’ve been paying for your property? Not sure if the estimation is accurate? Now you’re getting the opportunity to reduce the property taxes that you have been paying. Property owners are now capable of protesting against the estimated value of their businesses and homes. Given the fact that the system is becoming crooked day by day, the property tax protest is becoming essential. Almost half of the houses are either over-valued or under-valued. Inaccurate information has made aprotest against the property tax essential. Now the question arises why should people protest? What is in it for them? Read on to get a clear view of the concept.

  • The state law suggests an approach for protesting against the estimated value of a property. Though sometimes the procedure can be laborious and painstaking, the result is worth it. If you have got evidence to sustain your case, the result might be in your favour. You or your agent can represent the case after attesting his/her signature on the Appointment of Agent form.
  • Arbitrary nature of the system is one of the most important reasons why you should go for an annual protest against your property taxes.If people do not protest against the district, it doesn’t realise the mistake it’s making by imposing the inaccurate burden of taxes on property owners.
  • The value of a particular area depends upon numerous factors like income production, comparable sales, construction costs, condition, kind of property, and surrounding properties. And almost every factor is subjected to miscalculation or error. This makes the idea of protesting against property taxes quite important. The protest comes with a lot of benefits such as lowering taxes, valuation errors, and reduction in mortgage payments.
  • The market crash of 2007-2008 makes it necessary to protest against the property taxes because since then the value of the property has declined drastically. Some business owners are still paying the over-estimated property tax. The local government does not pay adequate attention towards reducing the amount of over-estimated tax since they derive a significant amount of fund from these taxes for the construction of schools, infrastructure improvement and repair, etc.
  • After the mortgage, property tax accounts for the second-highest expense for property owners. It has been reported that about 30-60 percent of homes are over-valued. By not protesting against property taxes you are missing out some amazing benefits that come along with it.
  • Another important fact to remember is that a reduction in the estimated tax value will not cause a reduction in the property’s market value or resale. Once you become successful in reducing the amount of the estimated tax, the value is going to remain constant until there is an increase in the value of your home.

There’s nothing to lose here, so why not protest and reduce the burden from your head? Additionally, you get to enjoy the potential savings. Since 1996, the Property Tax Reduction Services has been helping owners to fight against the property taxes. Even if your taxes are not reduced, you wouldn’t have to pay anything.

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