Westchester & Bronx NY investment property real estate blog

Westchester & Bronx NY investment property real estate blog

Property Tax Protest


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Posted on | November 13, 2009 | No Comments

Americans across the country are seeing real estate values drop, both on the commercial and residential side, yet their real estate taxes are staying the same or continue to go up.  More and more owners are actively pursuing a property tax protest. 

Bottom line the system is exposed to be fair.  No property owner should pay more than what they really owe.  Cities are “squealing” that they do not have enough cash to pay for their services.  Many Americans are saying: “join the club.”  We are expected to operate and live within our means, cities should as well. 

Protest Property Taxes

Experts estimate that between 60-70% of ALL property owners are over assessed, while only 2% actually bother to do anything about it.  Many don’t know that they can appeal.  Others assume the process will be too cumbersome and complicated.  And we have heard some people express fear that their cities may raise their taxes (nonsense!).  Some claim that they just don’t have time.

In reality, the process is not that difficult to understand and the time needed to investigate and learn how to appeal can be as little as an afternoon.  The language and the way that property taxes are calculated are overly complicated.  Many industry experts argue that cities do this on purpose to confuse or bore people into not appealing.  We tend to agree with this.   If you can have the disciple to sit down for a half hour and read how they calculate your property taxes you will be well on your way.

The potential savings can be significant, making it well worth it for the owner to appeal.  Many home owners enjoy savings between $200 – $3,000 per year.  The savings go on and on, year after years, so an annual savings of $800 could translate into $8,000 over a ten year period.  In addition, many owners can qualify for a rebate on taxes that they have over paid in previous years… 

Get out there and protest your property taxes!  As tax payers face corporate downsizing, weak healthcare programs, a stalling economy and the biggest credit crisis since the great depression we should not have to shoulder the inefficiencies and corruption of our politicians.    

By: jeff rauth
Westchester’s #1 Realtor

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