Property tax bills are often a homeowner’s second greatest expense just behind their mortgage. The national average for the year 2017 was $3,400, and this was three percent higher than the average in 2016.

Property tax assessments reflect rising housing prices, and they can also be determined by a particular county’s priorities. For example, taxes in some areas are higher, because they finance school systems that put an emphasis on providing a superior education. In general, however, real estate taxes are used to fund schools, parks, trash pick-up, emergency services, and other public benefits.

Just nine counties in the United States report property tax bills in excess of $10,000, and the majority of these are in New York. Westchester county has the largest average bill at $17,179. Rising tax bills are, in part, due to the recovering real estate market, as house prices are bouncing back from the anemic levels after the crash of 2007.

Overall, taxes amount to around 1.2 percent of a home’s value, and this figure is calculated by taking the average estimated value of homes of an area and comparing them to their tax bill. This is referred to as the effective tax rate, and the states with the highest levels are New Jersey, Illinois, New Hampshire, Vermont and Texas, at over two percent.

Adjusting Your Bill

It is possible to file an appeal to with your tax office, but it may be too late if you have already received your bill. Some counties will send a notice of assessment out first, and when this is the case, you may have between two weeks and several months to contest it, depending on the city or province in which you live. If you notice mistakes in the square footage, number of bedrooms or bathrooms, you should report it right away, so your bill can be adjusted.

Sokol Group are experts in beginning the property tax appeals process, as their business exists to negotiate lower tax bills for their clients. Serving Rockland, Westchester, and Orange counties and the Hudson Valley, Sokol Group can help you if you believe your tax bill is too high. Contact Sokol Group today for more details.

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