Are you Overpaying your Property Tax?

ARE YOU OVERPAYING YOUR PROPERTY TAX?

READ MORE ABOUT 2 WAYS TO REDUCE YOUR TAXES

Another new and interesting website is ZILLOW.COM promising to help you determine the value of your or someone else’s house. The format is very user friendly and the reports very graphic in nature, giving this site some real potential credence.

On the downside, so far in Central Ohio, the data is limited and dated. For example, my home in Delaware County reflects the 2004 tax assessed value rather than the new valuations as adjusted last December. Last sale date and sold price are “not available”. Franklin County is much more comprehensive and actually prepares an estimate of the value of the property.

In locations where the data is current and more comprehensive, like Franklin County, the program cannot account for such important issues as “location”, for example facing a busy highway vs. backing to a wooded reserve. There is no adjustment for updates or condition of the property.

If you desire to compare tax assessed values in a neighborhood this is one of the best websites to see immediate data on a mapped format for instant comparison.

What would you do with this? Well if you found your own property valued significantly different from other similar properties, you might file a complaint (yours valued much higher) or you might quietly rejoice (yours valued well below the others). This valuation determines the amount of your annual property taxes. ZILLOW is not yet update

If you ZILLOW your property and have questions about its valuation and you would like a professional opinion or want to know how to get the value adjusted, give me a call or email to enlist my expertise in filing for a tax reduction.

To read a full article about ZILLOW visit:

http://realtytimes.com/rtapages/20060302_zillow.htm

Also, keep in mind, if you, or someone you know, is 65 years or older and have annual income below $26,201, you or they may qualify for a homestead exemption under Ohio law, resulting in reduced property taxes.

For more on Homestead exemptions visit:

http://www.co.franklin.oh.us/auditor/forms/dte_105a.pdf