NEW YORK (MONEY Magazine) -
There's a dark side to soaring home values: steeper property taxes. Anything that increases the value of your home, such as rising home prices or adding a room, typically means higher property taxes. But take heart -- you can fight the tax man.
1. Try an appeal.
In most areas, you have 60 to 90 days after receiving your tax bill to file an appeal. Do your research first. If you find a mistake on your property record -- say, your lot is smaller than town records show -- you'll have a good chance of lowering your bill.
You may also be successful if you can show that your assessment is higher than the recent sales prices of similar homes in your neighborhood.
2. Hire a licensed appraiser.
You can hire a licensed appraiser or a property tax consultant to make the appeal; typically a pro will charge about one-third of the savings you are granted. Get a referral from a local realtor or a lawyer who specializes in property tax appeals.
3. Look for discounts.
There are many programs that give homeowners a break. New York State's STAR program, for example, exempts the first $30,000 of a home's value from school property taxes (for more information, call 888-NYSTAR5).
If you are a senior or disabled, or if your income has recently dropped, you may qualify for a property tax relief program.
For more information, buy the National Taxpayers Union brochure "How to Fight Property Taxes" ($6.95) at www.ntu.org.
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