Question:
If Elliott appeals my assessment and wins, will my tax bill be less than last year?
Answer:
Not necessarily. But, in nearly all cases, if we file a tax appeal for you and win, your taxes will be less than otherwise and you will save money. Here’s why.
Your taxes are based on:
- Your current assessment
- The county equalization factor,
- Your local tax rate, and
- Any exemptions you are entitled to receive as a
- homeowner.
If we file an appeal for you and win, your assessment will be reduced. And, that reduced assessment will be reflected on your next tax bill.
If the originally proposed assessment were reflected on your bill, your taxes (before exemptions) would be higher.
The difference between the taxes based on the original assessment and the final one because of the appeal we filed is the tax savings.
Your tax bill following a successful appeal could be more or less than the prior year. Why?
Even though your assessment was reduced this year, it could be higher than last year.
The county equalization factor changes each year and tends to rise over time. The tax rate reflects local government spending that increases over time causing rates to go up. On the other hand, increasing property values can put downward pressure on tax rates. So, tax rates change each year.
And, finally, the value of the exemptions you receive each year can change.
The savings you realize from a tax appeal is not computed by comparing this year’s bill to last year’s because there are other factors that change from year to year that affect your bill. The savings you realize from a tax appeal is the difference between the taxes you would have owed had no appeal been filed and the taxes you will owe following the appeal.
