Helping others reduce an unjust property tax burdens helps makes the world a better place to live. People want to feel they have a say in matters that affect their lives.
These are the FACTS:
The National Taxpayers Union writes that as many as 60% of all homeowners are over-assessed and not in line with their home value. (“How To Fight Property Taxes” 2004 p.1
Consumer Reports has published that property tax records show an error rate of 40% exists in estimating property taxes. (Nov.1992 v57 nil p.723)
Helping businesses and homeowners reduce their property tax to reflect their fair share, not overpayment, is a rock-solid necessity viable service. Once the tools of the trade are learned, anyone can engage in this business and be successful.
One does not need a specialized degree or even be a certified appraiser or real estate agent. It does help to have a background but it is not necessary, one can get up to speed in no time. Other than basic math, common sense and leaning the tools of the trade, you are good to go. This is not some kind of higher math rocket science formulations that few can understand. These methods use very basic math and basic comparative analysis spreadsheets that are easy to comprehend.
With 1 out of 4 homes throughout the U.S. being over assessed, and most homeowners having no ideas if they are overpaying, a property tax consultant has a golden opportunity to address these injustices. Many homeowners do not understand that they have a legal right to appeal their property tax if they feel they are overpaying. It is your job to organize the data for your client in a comprehensible manner and present it to the proper authorities.
One can get into this lucrative business lowering assessments by taking an online course and developing the necessary skills to produce successful property tax appeals. Following the step-by-step logical process of finding comparable values, making adjustments and processing the appeal, after working through a few cases, one is well on their way to taking on many clients. Clients are everywhere and there is little competition and a lot of need to have someone with expertise crunch the numbers and see how much they are overpaying on their property taxes or if the assessment is in the ballpark.
Start Up Costs
The costs to get into this home based business are minimal. Other than taking the course, one should be familiar with a computer, have a good running car and a somewhat quiet place to work. This type of business can compliment many other professional type pursuits.
You can become an expert in this field of work and have the freedom to get compensated for your knowledge and help. Most people are highly motivated to reducing their overhead, especially when in error, and your help in this manner will be fully appreciated.
Off Season Appeals
Since many assessors’ time is freed up after the tax appeal season is over, they are more approachable and inclined to listen. If you have the right evidence, the tax assessor can grant that reduction on the spot. They have the authority to do so. Even though the tax reduction will not go into effect until the next year, you can look forward to locking in a pay day later on.
When the assessment notices go out, the assessors phone rings off the hook. They are inundated with requests, hate messages, appointments and such. They’re guard is up and it is difficult to schedule an appointment or reach any sort of meeting of the minds with such a limited window of appeal. By approaching this matter off-season, your chances are much better to reach an amenable valuation agreement.
What The Public Perceives
As area homeowners find yet another property tax increase reflected in t heir bills arriving in their mailboxes and they see that figure reflected in their assessments, they mentally begin to question these valuations. Many municipal budgets are still increasing at a time when public awareness is increasing about the double the private sector pay packages for state government employees and the tendency for those in charge ignoring a conservative focus on purchases and outlays.
The taxing authorities act like they are victims in need of cash to fund their party when in fact it is the homeowners that are getting victimized by on outdated and unfair assessment system. Government bodies should be looking at every level to do more with less and increase efficiency in their operations.
It rubs homeowners and businesses the wrong way when property values decrease and property taxes increase. Those that pay the bills, the homeowners and business owners, expect to see good stewardship from those elected to office and the employees they oversee.
Property Tax Consultants To The Rescue
Property tax consultants offer comprehensive services to help businesses and homeowners manage property taxes, mitigate and offer and achieve maximum tax savings. For the homeowner, they help them get fair valuations and reduction in property taxes.
When a property suffers a decline in value, assessments should be questioned. The potential to save thousands in annual property taxes will offer peace of mind to your clients. Know it or not, an assessment review service is in high demand.
Property Tax Appeal Categories for Homeowners
The major adjustments that are made to the comparable value when making a property tax appeal will be due to differences in Price/Gross Living Space, Sales or Financing Concessions, Date of Sale, Various House Descriptions Categories, Quality of Construction, Age, Condition, Check List of Repair Items, Above Grade Room Count, Gross Living Area, Basement and Finished Rooms Below Grade, Functional Utility, Minimum Standards for Room Size, Location, Types of Lots, Leasehold/Fee Simple, Site, Land Valuation Tables, Slope, Additional Site Criteria, Environmental Factors, Toxic and Environmental Contaminants, View, Design and Appeal, Heating and Cooling, Special Energy-Efficient Items, Garage/Carport, Porches, Patio, Deck, Fireplaces(s), Etc., Fences, Pool, Pond Etc., Net Adjustments and then arriving at a final indicated value for the subject property. A thorough inspection of the property and neighborhood will uncover many areas that may be subject to appeal when these valuations are synthesized and compared to actual market value.
Business Property Tax Appeals
For businesses, minimizing the tax reduces expenses that are crucial for the long run survival of any business. By reviewing general ledger and accounting policies, by performing online inspections to determine the correct taxable values and identifying personal property assets for possible reclassification and other scrutiny for forecasting annual tax estimates, it can be determined if the business is over assessed.
There are many types of businesses that can profit from a tax appeal consultant. From apartments, hotels, raw land, office properties, industrial properties, restaurants, retail strip centers, assisted living properties, medical properties to name a few.
If the property of your client is over assessed, a filing for property valuation is made with the taxing authority. An appeal and meeting with the property tax assessor sometimes results in a satisfactory conclusion. If not an appeal to the municipal board of review before the appeal board is in order. When all else fails, an appeal to the State Board of Review should finally get results