Toni, having your property tax bill lowered is definitely a possibility and you are correct! Property taxes are typically based on a home's last market sale. Therefore, what you pay for the home would be basis for establishing the homeâ€™s most current tax bill. To petition that your property tax bill be lowered, you first need to research home sales and taxes of comparable homes in your zip code to determine if your home's taxes are in accord. During this phase, the impact that the home's 5 BAs and In-law suite will have on its tax assessment will be determined. If research reveals that your home's current tax appraisal is in fact not in sync with other comparables and/or your neighborhood home values have declined since the home's last valuation, it is very likely that your property tax bill is inflated and you are entitled to a reassessment.
Next, you'd need to file a property tax return with your county board of assessors stating what you think is your home's current fair market value. Once reviewed, the assessor will either lower your tax bill or reject your tax return. However, be sure to check with your county board for its tax return filing deadline in advance.
In the meanwhile, if you find that you could use assistance in any way, my team and I would be absolutely honored to have an opportunity to lend a hand, so please feel free to give me a call directly. Best wishes!