Two strategies to successfully appeal property taxes on a condominium
The benefits of a successful property tax appeal are indisputable – for single family home owners and condo owners alike. For a single family home, a successful appeal can reduce your tax bill by thousands of dollars a year. It also makes your property more appealing to potential buyers when the time comes to sell in a competitive real estate market.
Condo owners can also benefit from a property tax appeal. The most successful appeals have two strategies in common.
- File as a group of all the condo owners in the association. When you own a condo, the economics of home ownership are tied up with all the other condos in your association. There are common areas – laundry rooms, stairwells, ponds, fitness rooms – that no one person owns, but are factored into the equation by which the county calculates and considers an appeal of your property taxes. That’s why it’s best to file a group appeal on behalf of each of the condos in your association. Your condo board is required to retain an attorney to file such an appeal.
- Retain a property tax attorney. Most condo associations and boards have attorneys to advise them on day-to-day matters. But property tax appeals are quite different from condo board management and governance matters. When you appeal your property taxes, it is critical to use an attorney who has experience with the appeals process, credibility with the appeals boards, and a proven record of success in your community. The attorney who is right for you will keep you up to date as your property tax appeal moves through the process and results are achieved.
Appealing your property tax bill ensures that you are contributing a fair share to fund local schools and community services based on accurate records of your home’s value.
Your attorney works for you
Your attorney will compile publicly available information on the size and characteristics of your property, and comparable properties in your area. If you have a recent appraisal, the attorney will use that information, too.
The attorney then presents your case to the Board of Review to show why the assessed valuation of your property is too high. If the Board agrees and lowers the assessed value of your property, your property tax bill is also lowered because the assessed value of your property is one part of the equation used to calculate your tax bill annually.
You reap multiple benefits
A lower tax bill means more money in your pocket. It also makes your property more appealing to potential buyers when the time comes to sell your home.