P.T.R.C. Inc. Blogs

Is Your Home Over-Assessed?

Is Your Home Over-Assessed?

Home assessments are a critical component in determining property taxes, but sadly not all assessments are as accurate as they should be. Over-assessing a property can lead to an unnecessarily high tax bill, leaving homeowners with a hefty financial burden. Undoubtedly, most people would agree that the idea of paying more in taxes than necessary is frustrating.

With this in mind, it's worth asking: is your home over-assessed?

1. Understanding Property Assessments

Property assessment is the process local municipalities use to establish a value for your home, which determines your property taxes. These assessments are updated periodically (the frequency varies by location) to reflect changes in the real estate market, a home's condition, or neighborhood development. Property assessments consist of two components: the land value and the improvement or building value.

It's worth noting that assessments are not the same as appraisals — while appraisals determine the market value of a property for sale or lending purposes, assessments focus exclusively on tax implications.

2. Signs That Your Home May Be Over-Assessed

There are a few key indicators that your property may be over-assessed:

  • Firstly, check whether your property's assessed value is significantly higher than that of similar homes in your area. This could be due to an incorrect categorization of your home or even an outdated assessment that doesn't accurately reflect current market conditions.
  • Secondly, keep an eye on any significant changes to your assessment, particularly if they don't align with broader trends in your neighborhood or the greater real estate market.
  • Lastly, consider whether your home's assessed value has increased without significant improvements or additions to the property. This could signify an error in the assessment or reflect inaccurate reporting of local taxes.


3. How to Find Comparable Properties

The easiest way to determine property taxes is by comparison, see if your home's assessment is fair is by comparing it to recent property transactions in your neighborhood. Use online real estate websites or ask a local real estate agent for transactions involving similar properties in size, age, and location. Bear in mind that assessments need to consider various factors, so not all properties will be directly comparable to yours. Having said that, becoming familiar with the valuations of similar properties will provide you with a reference point when discussing your concerns with local tax authorities or a professional.

4. Disputing an Over-Assessed Property

If you suspect you're over-assessed, your first course of action should be to contact our team! We will provide you with the necessary paperwork and guidelines to appeal your property's assessment. It's important to note that each jurisdiction has its own filing deadlines, so make sure you're aware of these to avoid missing the opportunity to file an appeal. 

5. Preventing Over-Assessment in the Future

One of the most important steps homeowners can take to prevent over-assessment is staying informed about property taxes in their local community. Attend town hall meetings, read local newspapers, or subscribe to updates from your local tax assessor's office to stay up-to-date on property tax policy and regulation changes. Additionally, if you make significant improvements to your home, report them accurately to your local tax assessor's office to ensure your property's value is reflected accurately in future assessments.

Property Tax Consultants on Long Island

If you want help determining property taxes, we’re here for you. Based in Plainview, New York,  P.T.R.C., Inc., specializes in minimizing clients’ property tax assessments with personalized service. Our number one priority is customer satisfaction. info@ptrc.com


As the leader in property tax challenges, the staff at Property Tax Reduction Consultants (P.T.R.C., Inc.) is dedicated to assuring that our clients pay the lowest possible property tax as required by law!