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Everyone thinks that their taxes are too high. Today, I'll go over how property taxes are established, and what you can do if they are too high.
Property taxes are comprised of three separate taxes: a
school tax, a county tax, and a municipal tax. If you believe your
property taxes are too high, you have the right to appeal. Filing an
appeal is very easy; just go to BucksCounty.org to get started.
Your property has an assessed value, which is
not the same as the market value. The assessed value is
10.8% of the market value. For example, a house with an assessed value of
$52,080 would have a market value of about $480,000. If the assessed value was
more than 10.8% of market value, that could be an indicator that your property
taxes are too high.
When you file the appeal, the county will notify you of a hearing date. You don't have to go to the hearing, but you do have to provide supporting data for why your taxes are too high.
After you buy a home is a great time to file an appeal,
because you will have the settlement statement. The settlement
statement is the clearest evidence of fair market value.
You could also have an appraisal done. I work with a great appraiser who will tell you up front if he thinks your case is valid. There are also attorneys who handle the whole appeal for you.
If you have any questions on today's video, or about real
estate in general, give me a call or send me an email. I'd be happy to help
you!
