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Why you must analyze your tax bill this year

Why you must analyze your tax bill this year.

This year could be a strange one for real estate taxes with as much appreciation as we’ve had. If you are homesteaded (homestead, taxes, portability explained), you will be safer as your taxes can only go up 3% a year (although it’s important to have as little increase as possible because those 3% increases each year add up). If you are not homesteaded, you want to keep an eye on this year’s number.  While you can expect a significant double digit rise in your taxes, prices can be so all over the place that it’s important to know your details. As a recent example, in one subdivision there were 16 sales that took place in the prior year, but one recent sale will throw everything out of whack. Unique lot situation, over the top pool added and sold furnished.  This particular sale adding $150 a square foot could add $4,000 to a homeowner’s tax bill across the board on top of already increased priced in a $500,000 neighborhood.  Being able to dive into the details of these 1-off sales to the adjustment board might reverse that. Years ago, we helped an individual who got taken advantage of and overpaid to the tune of $500,000 on a home.  The board adjusted it and $10,000 a year was saved.

If you’d like a complimentary analysis on your recent property Tax Trim Notice (2021 Notice of Proposed Property Taxes), fill out the form.  We would be glad to provide a free brokers opinion determination of value for you. Also, we can help explain how to calculate portability, which offers tax savings when you sell your home and move to another one.

*Note that any tax appeal to be heard by the value adjustment board value adjustment board needs to be filed by 9/13/2021. It only takes a few minutes to fill out the petition. It would be our pleasure to give you a rough determination. There is no charge for this service – it’s just part of what we do.

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