Friday, July 18, 2014

Property Tax Assessment Appeal

When purchasing a property it is always important to check that the assessed value of the property matches the actual market value. If the property is assessed higher than the actual market value the property-owner may be paying significantly higher taxes than justified.

This is especially important in a down economy when property values have dropped. NEPA has been hit hard by such a drop. Evaluating whether an assessment appeal is needed is an important consideration every homeowner and new purchaser should consider. This is doubly essential for properties purchased at foreclosure or tax sales.

The process for the appeal begins at the local level, and it is often crucial to have an appraisal done by an independent party to present. Representation by an experienced attorney is also a key part of the appeal.

Fees vary depending on the likelihood of success and the amount that can be saved by the assessment appeal. Some attorneys will perform this work on a contingency basis, meaning that they recover no fees if the appeal is unsuccessful. Potential appellants should be careful about such an arrangement as it may wind up costing him or her a significant portion of any savings generated by the appeal.

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