Find the median property tax bill for any locality in the United States—Just $3,500. That’s a 2.8% increase from last year’s $3,349 median. With homeowners crunching the numbers with every passing day, experts have stressed the importance of a property tax assessment — one of the most easily appealed home expenses. By filing an appeal, property owners can ensure significant savings over the long term.
Pete Sepp, president of the National Taxpayers Union Foundation, points out the advantages of successfully appealing property tax assessments. As he points out, these assessments are not set in stone and can be challenged by homeowners. Sepp states that the appeal process is “not a terribly difficult investment of time for a residential property owner,” suggesting that homeowners should take advantage of this opportunity to potentially lower their tax bills.
The period you have to file a notice of appeal differs by jurisdiction, usually ranging from 30 up to 45 days in advance of the due date. This window provides relief for homeowners to obtain required documentation and prepare their respective cases to be evaluated. Sepp also mentions the importance of scrutinizing the numbers used in assessments: “Those kinds of things get embedded in your property assessment, and year after year, you’re paying more than you should.”
Melissa Cohn, regional vice president of William Raveis Mortgage, underscores that property tax assessments are not uniform across the country. She paints a picture of the uneven patchwork that state and local governments have created in their practices over property tax reassessments. In fact, some jurisdictions mandate yearly reassessments. Others operate on a more irregular basis, leading to cycles of multiple years or no defined cycle yet.
The beneficial effects of these assessments differ wildly depending on where one is located. In 2023, New York City’s homeowners already sat on America’s highest median property tax bill—$9,937. In the meantime, folks in San Jose, California, struggled with a median tax almost 10 percent lower at $9,554. San Francisco’s median property tax is $8,156. These numbers highlight just how unequal property tax burdens can be among our biggest urban centers in the country.
With high property tax burdens in many areas, having an effective appeals process is key for homeowners. They relied on this process to carry out their fiduciary duty and keep their books in order. According to Sepp, appealing an assessment can lead to long-term financial benefits: “You’re banking on several years of savings.”
With property taxes continuing to increase around the country, homeowners should read their own circumstances carefully. They need to make sure that new assessments are truly assessing the value of their property. Going through this process could lead to millions and millions in savings directly affecting their fiscal well-being.