Property-tax appeal success story
Louis Wilen of Olney will be paying less in property taxes this July than he otherwise would be, thanks to a successful appeal. And he didn't have to wait for a reassessment to register his disagreement.
As I mentioned back in December, homeowners can appeal in the midst of the three-year assessment cycle, not only when a new notice shows up in their mailboxes. Wilen is heading into the third year of his assessment period, and he was convinced his property is worth less than the state assessors' calculation of several years back.
Original value: $526,360.
New value, post-appeal: $456,810.
That's an almost $70,000 drop, which he notes is a tax savings of about $715 -- assuming no system-wide changes, such as a rate hike.
Successful appeals don't always work out to a property tax savings for homeowners. If, thanks to the state's homestead credit, you're paying on $200,000 of a $350,000 assessment, you'd need a more than $150,000 decrease to end up with a smaller bill.
But Wilen notes that his appeal dropped him below his homestead credit amount, so he's ahead.
If you've appealed, have you had your hearing yet?