Are You Paying Too Much In Property Taxes?
Maybe better questions to ask are…how would you know if you are paying too much in property taxes and what can you do about it? Well, depending on how much more you’re paying in taxes compared to your neighbors, there may be a lot you can do about it.
What determines the amount of your property taxes?
Primarily, it’s the tax assessment placed on your property during the county real estate assessment. Tax assessments are handled at the county level and the property tax is used as a revenue source by county government, 14 school districts and most of the 73 municipalities in Chester County. It is the responsibility of the County Assessment Office to place a value on each parcel of land and any improvements (structures) thereon. The last countywide tax assessment was conducted in 1998.
So what can you do to lower your property taxes?
Well, there is an appeal process in Chester County that you can file for between May 1st and August 1st each year. While it is not a guarantee that your taxes will be lowered, it could be worth your time to consider this process especially if you recently purchased new construction or are in an area that has experienced a decrease in property values. Remember, property taxes can make a big difference on the amount of money coming out of your bank account each month and on attracting buyers when you go to sell your property.
The appeal process consists of filing an application, providing supporting documentation, and appearing before the Chester County Board of Assessment Appeals. All said and done it’s a fairly simple process for something that could save you a lot of money in the long run.
As licensed Realtor’s in the state of PA, we can assist you by providing the supporting documentation (comparable properties). Contact us if you would like more information on how we can help you appeal your taxes.
If you have gone through the appeal process recently and can comment on it or have any questions, please post them for everyone to read.
Craig & Gina Wiley
Coldwell Banker Preferred
390 Waterloo Blvd., suite 101
Exton, PA 19341
Office 610-363-6006 ext 6066
“Teamwork Makes the Dream Work!”