Ah, property taxes….Last year, the property taxes on my St Paul rental properties went up almost 50% while the value of the property went down.  Many property owners in the Twin Cities - especially St Paul, saw felt this similar pain.  I tried calling my local tax appraiser and was told that I was too late to appeal SOOOOO, this year I will pay more attention to the Proposed Property Tax Statement that comes my way in mid - end of November.

So, can you appeal your property tax statement and get it changed?  Yes.  Will it work?  Who knows….
Property taxes are based on the market value of the home. As we all know, market values have dropped recently which would make you think that your property taxes should drop too, right?! The assesment is typically done in the year or so PRIOR to the taxation year so your 2008 tax value was based on the market value of your home from 2007 or maybe even earlier and are not always reevaluated on an annual basis.

Steps:
1. Watch for and READ your Proposed Property Tax Statement when it arrives in the mail.
2. If you feel that your home is not “worth” the amount on your statement, have a licensed REALTOR do a market analysis for you on your home.
3. A market analysis will tell you what other similar homes in your area have sold for recently which will tell you what you could probably sell your home for. This will give you an updated “market value”.
4. If you still feel that the assesment amount is inaccurate you can file an appeal with your local taxing jurisdiction but make sure you know what the filing deadline is.
5. You may also be required to appear at a live hearing before the assessment appeal board.

Bottom line, if you don’t agree, fight it. Nothing changes if you don’t act. I think we all pay enough taxes and any chance we get to fight it, we should.

Good luck!

Jen McKinnon
Realtor/Investor
AGENT REFERRAL NETWORK
MN Real Estate Team
jen[at]mnrealestateteam[dot]com