You can read up on part 1 here.
Today we got a letter from the Board of Review stating the proposed new assessment for our property. Before I get to the juicy bit, here is a short refresher.
Our property was assessed at $184,605 and if we took no action our tax bill would have been $4,368. We argued that the value should have been $156,261 for a final tax bill of $3,625.
Without any further ado the new proposed value is $158,000. That number might sound familiar if you read part 1. It was how much the house was appraised for. Our tax bill will be $3,671. We could argue that and try for an even better valuation, but by my calculations there is only another $40 or so in realistic tax savings to be had per year. That amount hardly seems to be worth the work and risk of a secondary appeal.
In conclusion, by appealing our property taxes and not accepting the status quo we have saved over $600 a year. For a weekend’s worth of sweat equity, that is a pretty good payoff in my opinion.