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Determining If You are Eligible for Property Tax Reduction

Property Tax Reduction & Appeals in Missour

If you feel your property has been overvalued when compared to comparable properties or its market value, it is worth determining if you are eligible for property tax reduction.

Specifically for tax purposes, the assessed value of your residential property stands at 19%, commercial is at 32% and agricultural is at 12% of its fair market value. This means if the residential market value of your property is $400,000 its assessed tax value would be $76,000. The higher the assessed value, the higher your tax obligations will be. In a battered real estate market and weak economy, over assessments and higher than normal proposed values are more common than taxpayers like to believe.

Some cases where you are eligible for property tax reduction are:

  • If your property taxes are in excess of twenty percent of gross rent collected
  • If your property's commercial revenue was/ is likely to take a hit because of low occupation rates, changes in the real estate market, conditions of the building, and other circumstances
  •  If the assessment is inaccurate due to incorrect data obtained by the assessing officer

If any of these conditions apply, you are eligible to file a property tax reduction appeal.

It is important to note that all property tax reduction appeals can only be made within a strict time frame. Therefore, you should not put off any questions you have about your property tax reduction. It is important to call professionals as soon as possible. Call us at The Wallach Law Firm today to have all your questions answered by one of the leading property tax appeal attorneys in Missouri.

Appeals Process for Property Tax Reduction

Tax assessors are responsible for determining which properties are taxable and at what rates the properties will be taxed. Once your property has been assessed by the concerned body, tax assessors determine the tax rate for taxable properties. The most generic formula for computing your property tax is to multiply the tax rate with an assessment ratio and the assessed value of your property.

After the assessment is made, a notice of proposed value is mailed to you. The date of issue of this notice determines the period in which you can contest the value. It is important that you review the notice of proposed value extensively upon receiving this to ensure that the value is correct. If you question the accuracy of the assessment, you should contact a property tax appeal lawyer as soon as possible.

If you feel that you have been subjected to unfair real estate property taxes, you have the right to contest the assessed value and appeal for property tax reduction. The Missouri Board of Equalization will review your appeal for property tax reduction. While individual taxpayers can present their case without an attorney, there are many benefits to enlisting the services of a professional attorney to assist with an appeal for property tax reduction.

Property Tax Reduction | Missouri Property Attorneys

Exemptions and Incentives Offered By the State for Property Tax Reduction

In Missouri, the taxing jurisdiction provides a number of options for property owners who wish to apply for property tax reduction. For example:

  • The homestead exemption reduces the taxable value of your property, and therefore, the total tax you have to pay if you have held the property for over three years and fit the total income guidelines.
  • In some situations, commercial property owners enjoy partial or in some cases full property tax reduction and exemption as an incentive for improving business.
  • Veterans, disabled citizens, and citizens over 64 years of age are eligible for additional property tax reduction based on the annual income of the household. Residents on Social Security or their surviving spouses are entitled to property tax credits.

Contact Us to Learn More About Legal Options for Property Tax Reduction

There are several reasons why you may be eligible to apply for property tax reduction for your residential or commercial property. The experienced attorneys at The Wallach Firm can help you understand these circumstances and whether you are eligible for property tax reduction.

Contact The Wallach Law Firm in St. Louis today to learn more about eligibility criteria for property tax reduction and  methods by which you can appeal property taxes.

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