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Appealing a property tax assessment

On Behalf of | Feb 2, 2022 | Real Estate

Property taxes can be one of the most sizable tax burdens that a person can face in New York. Depending on the size of the building, the amount of tax can be a nasty surprise. However, property owners do have the ability to appeal the value of their property if they believe that it has been assessed too high, which can lower their tax burden.

Appeals letters

Writing a letter to the tax assessor can help you to bring down the burden of your property taxes. You do not have much time to write the letter. Generally, you must submit it within no more than 45 days of when you got the notification of the valuation of the property. If you are concerned that the value might be incorrect, write the letter to appeal first and then do the research later, because submitting the letter is free and gives you time to explore the case.

The letter starts a process that can lead to a new assessment of the value of the property. This approach is not guaranteed to lead to lower taxes, but it can lead to the assessor deciding that they were in error for the initial determination of value. Real estate law can be complex, especially when it comes to taxes, and the process is not a short one. However, if the ultimate outcome is a lower value, that can translate into hundreds or thousands of dollars in savings in property taxes.

Property taxes weigh heavily on owners, but their size is not set in stone. The best way to reduce their burden is by writing an appeals letter.