Since the onset of the real estate market collapse in 2007 homes values nationwide have steadily plummeted. A recent report compiled by the analysts at DataQuick (Nov. 2011) states that U.S. average home prices have fallen 18.50% since only 2009.
How does this affect you?? With most housing markets and home values projected to continue to decline, your residential property has probably been over assessed and is likely costing you much more in property taxes than you should be paying.
Right to Protest
All owners of real estate in Ohio have the right to protest their property's valuation and they do not need to fight this battle on their own. The process can be extremely time-consuming and each step must be properly implemented to avoid invalidating your appeal.
Property owners have a limited window between Jan. 1st – March 31st of each year to file the proper paperwork to challenge their assessed value.
Any owners wishing to challenge their values that miss this deadline will be forced to wait until the next year and will continue to pay their currently over-assessed tax amounts.
How To Lower Your Property Taxes
Half of all homeowners may be paying too much. Here's what you can do about it:
Think Uncle Sam Will Fix it?
Local government relies on taxes as their primary form of income. Would you give yourself a reduction in pay for no reason – why would local government? Ohio's revised code (ORC 5715.14) states the following:
"The county board of revision shall not decrease any valuation unless a party affected thereby or who is authorized to file a complaint under section 5715.19 of the Revised Code makes and files with the board a written application therefore, verified by oath, showing the facts upon which it is claimed such decrease should be made."
In other words, only those who challenge their property's assessed values have the ability to have them lowered.
Property taxes are local taxes. Your local officials value your property, set your tax rates and collect your taxes. However, Ohio state law governs how the process works. You can play an effective role in the process if you know your rights, understand the remedies available to you and fulfill your responsibilities. Property taxes are based on the County's assessed monetary value of each individual property. For example, the property tax due on a vacant lot valued at $10,000 would be ten times as much as the tax for a lot valued at $1,000. The result from lowering your assessed value is a lower tax bill.
Should your free property analysis from Lower Your Taxes, LLC determine that you are, indeed, over-paying on taxes we can immediately begin the process of representing you and challenging your property's valuation. We will do all of the work for you!
- We will... File the proper paperwork with the appropriate County
- We will... Educate you, our valued client, on what to expect and how the process works
- We will... Research and draft a comparative market analysis report to determine the property's "true" value
- We will... Document and submit all of the supporting evidence for your case to the Board of Revisions
- We will... Attend all board and tax appeal hearings on your behalf
- AND WE WILL... LOWER YOUR ASSESSED VALUE! If we don't you owe us nothing!
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