Understanding Property Taxes and the Appeals Process

Property taxes have been around for many years, with evidence showing that even ancient civilizations levied taxes on property owners. While much has changed since ancient times, homeowners are still required to pay property taxes that are dependent on a property’s assessed value. Property taxes can be calculated in a few different ways, but research shows that as much as 60% of taxable property in the country is assessed at more than it is actually worth. If you think your property taxes are unreasonable, trust Hartenstein Poor LLC, property lawyers near Wichita , to help you through the appeals process. Approximately 40% of appeals result in a reduction of fees or a refund, so protesting your taxes could pay off. Take a look at this infographic to understand more about the basics of property taxes and why you should consider appealing. Please share with your friends and neighbors.

UNDERSTANDING PROPERTY TAXES AND THE APPEALS PROCESS PROPERTY TAX 101 Overview State and local governments use property taxes as a primary source of revenue. III Both personal and real property may be subject to property taxes. PROPERTY TAXES ARE ASSESSED ON VALUE UTILIZING A MILL LEVY MULTIPLIER. $$ $ Mill levies vary based on jurisdiction. Assessment rates vary based on classification of property PROPERTY TAX REVENUES ARE USED TO FINANCE ALL ASPECTS OF PUBLIC EDUCATION, STATE AND LOCAL GOVERNMENT, AND INFRASTRUCTURE EXPENDITURES. $ Property Tax Assessment The purchase price of your property does not determine your assessment. Property tax assessors utilize different approaches to assess value, depending on the classification of property. Typically, property is assessed on market, income, or replacement cost data. Certain types of property, such as agricultural land, are assessed solely on income. Income Replacement cost data Market KEMPTION Properties may be available for exemption or abatement. Properties may have additional special assessments to offset infrastructure costs. The property tax assessment is done at the county level. Appealing Your Property Taxes As much as 60% of taxable property in the U.S. is over assessed About 40% of property tax appeals result in a reduction in payments. Taxpayers can appeal value and/or classification. APPEALS PROCESS STEP TWO: STEP ONE: Contact HARTENSTEIN POOR LLC for a Property Tax Analysis Appeal to Notice of Value or Appeal by Payment Under Protest STEP FOUR: STEP THREE: Informal Appeal Hearing at County Level Appeal to Court of Tax Appeals STEP FIVE: STEP SIX: Appeal to Court of Appeals Petition for Reconsideration A property tax appeal may result in an adjustment or refund. The property tax appeal process can be complicated and frustrating. You need experienced legal counsel. HARTENSTEIN POOR LLC handles property tax appeals for all property classifications. HARTENSTEIN POOR LLC INFOGRAPHIC PROVIDED BY: wwW.HARTENSTEINPOOR.COM Sources http://www.ksrevenue.org/pvd.html http://www.bankrate.com/brm/itax/news/20030806a1.asp http://www.irs.com/articles/property-tax-basics http://www.hartensteinpoor.com/Practice-Areas/Property-Tax.aspx .. . .... ...............: