How To Lower Your Bill Despite of Increasing Taxes

As new property-tax assessments begin to arrive in the mail in the coming weeks, the cost of homeownership will increase for millions of Americans.

Base on the article published by WSJ on February 05, 2023, most of the nation has seen an increase in property taxes in recent years. The median tax bill increased more than 8% to $2,795 per homeowner in 2021 compared to 2019.

Local governments rely on property taxes to subsidize the cost of public services like schools. Municipalities have different methods for calculating taxes, and assessments can occur annually or infrequently.

However, some local governments send prospective tax assessments to homeowners each year. Due to a variety of factors, including increased assessed home values, decreased local tax revenues, and the end of some federal stimulus programs, some homeowners may experience higher bills this year. These increased costs come as people are already struggling to deal with persistently high inflation and escalating economic unpredictability.

There are four ways to appeal in this issue: (1) Review your assessment for errors; (2) Check the accompaniment; (3) Appeal your assessment; and lastly (4) Take advantage of exemptions.

About 4% of homeowners, on average, contest their property taxes. Some states only conduct property reassessments every two years, every three years, or even less frequently. The benefit of an appeal generally decreases the farther away you are from the last assessment date.