Tax Appeals: Explained

Taxes always seem too high, but what do you do if they really are? Let’s take a look at the tax appeal process.

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Over the years I’ve written a lot about the process of tax appeals. Just this week, a community member interested in learning more gave me a call.

I’m sure that person wasn’t the only one wondering about the process of tax appeals, though, so I wanted to explain it here too.

First, how do you go about appealing your taxes? Most everyone believes that their taxes are too high, so how can you make sure that you really qualify to appeal?

Your property assessment is the first thing you should turn to. Here in Bucks County, your assessment should represent 10.4% of your property’s fair market value.

If after checking that value you feel you need to make an appeal, the first step is to go to http://www.buckscounty.org/ and fill out the assessment appeal form for a $35 charge.

When making an appeal, you have a couple of options. If you choose the option of doing it yourself, you’ll first need to fill out the form.

The process of appealing is actually rather simple.

On the form, you can either include an appraisal or a list of three comparable properties to substantiate your claims. For a property to qualify as being comparable, it must be in the same municipality, be of similar size, have similar amenities, and be relatively recent.

Finding these properties is something I can help with, and I’ve seen some amazing opportunities come from these appeals.

Otherwise, there are attorneys who will handle the appeals for you. In this case, an attorney will charge you a percentage of what your first-year savings would be in the event that they’re successful.

In truth, the process of appealing is actually rather simple. The most complicated part is gathering the data to support the appeal. If you want to go through the process during this tax season, you’ll need to make the decision whether to move forward soon.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Are You at Risk of Losing the Bucks County Home of Your Dreams?

Buying a Bucks County area homes?  Perform a full home search

Selling your Bucks County home? Get a free Home Price Evaluation

Recently, Bucks County has been hot! In fact, there is so much activity right now that we're seeing something we haven't seen in years: multiple offer situations! 

While sellers love receiving multiple offers, these situations can be very stressful for buyers. However, there are strategies that can help you make your offer stand out in a crowded market. Here are some quick tips:

• Don't go crazy: No house is worth overextending yourself for, especially if it's going to put a substantial financial burden on you. 
• Escalation clauses: If you really love the home, you can include an escalation clause in your offer. This clause states that you will pay the amount of any competitive offer plus, say, $1,000 more. There is typically a cap that can be reached in an escalation clause, so you limit the amount of money you'll pay and sacrifice some negotiating leverage. 
• Write a letter to seller: A better option than an escalation clause, or one you can use in tandem with it, is writing a personal letter to the seller. Letting them know how much you like their home and how important it is to you and your family could go a long way toward making your offer look a whole lot more appealing.
• Complete pre-approval: Make sure your mortgage lender is as tight and thorough as possible. This will show the seller you are a serious and qualified buyer. Offering to put a lot of money down up front is also a great way to improve the look of your offer.
• Match seller's conditions: If you can match the seller's preferred closing date and other conditions, you can make your offer look better than the competition without having to offer the highest price. Coordinating conditions with the seller is huge!
• Work with a good agent: If you don't know how to negotiate and read market trends and conditions, you might find yourself missing out on the home of your dreams. In a competitive market like the one we're currently in, working with someone with experience could truly make the difference when trying to secure your dream home!

If you want to learn more about getting your offer accepted, or if you would like to learn more about how our team can help you, give us a call or shoot us a quick email. We would love to hear from you!