Tuesday - July 22nd - Can I Get My Property Taxes Lowered? Question: I bought my home below its appraised value. How can I go about getting my yearly taxes reduced? Answer: There's a difference between an "appraisal" and an "assessment." An "appraisal" is used by lenders to get an independent valuation of the property while an "assessment" is used by local governments to value properties for tax purposes. The lower appraisal may give you grounds to ask for a new assessment, however it would not be surprising if the assessment was actually lower than the sale price. If your sale price is higher than the current assessment it might be wise to stick your appraisal in a file rather than create grounds for a higher tax bill.

Published: July 22, 2008

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