The National Union of Tax Payers estimated in 2006 that 60% of all owner where over assessed. Now in 2009, that number is surely much higher. Perhaps 80% or even 90% of all property owners are eligible for a reduction. It is well worth the owner’s time to investigate if they have a case or not.
The process to appeal boils down to presenting comparable recent sales, also known as comps, proving to the city that you are over assessed and deserves a reduction. As you may suspect, however your city is most likely not enthusiastic about granting a reduction, as many property owners are trying to get some kind of property tax relief as well; and your cities is trying to protect their own interests.
So, as one of our associates (who was the head of an assessing office) points out, you need to understand that the city officials are smart, and that they do this every day. If you come in with poor comps and or a weak presentation you will be blown off. The city officials are playing the “game” and will throw your appeal out the window due to minor technicalities.
Issues like being 10 minute late to the meeting, filling out the forms wrong or presenting comps that have the wrong dates, etc can have an immediate negative impact. There are many other little details like this. But not understanding the world of comparables is really the main issue. Owners need to dive into this arena and build a level of understanding. Though they should not get overly concerned as you need to know enough to debate your case, but do not need to become an expert.
Not to sound redundant or paranoid the city officials are looking for any reason to get rid of your appeal as they are trying to protect their tax base. If denied, due to technicalities you will have to wait another year as the city will only look at your appeal once. It pays to be prepared and have a good understanding of what to expect before you go before your city.