• Allobar Strategies

The 3 Key Elements of a Successful Real Estate Tax Abatement


A real estate tax abatement application offers taxpayers the opportunity to obtain a reduction on their property taxes. The local taxing authority for which a given property is located, has its own set of guidelines for how a property is assessed. When taxpayers receive their new tax bills for the following year, it should be thoroughly reviewed and see if the potential is there, to take advantage of a property tax savings.

Taxpayers may file for an abatement if they believe the assessed value of their property exceeds the fair market value. Valuation changes may occur based on fluctuations in the housing market in certain locations and each municipality has different reevaluation schedules, that may not always capture accurate fair market value in a timely manner. If a taxpayer does decide to file for a tax abatement, here are three key elements that can assist in a successful reduction:

1. Sufficient Evidence to Support the Case

If a taxpayer wants to benefit from a successful real estate tax abatement, it is essential to have the right evidence to support the claims of an overly assessed property. Since property taxes are administered by the local taxing authority, sufficient proof is required to help determine the application is valid for review. Ensuring the forms have been filled out correctly and evidence of support has the necessary documentation to help illustrate the support of a reduction is imperative. This may include attaching relevant property information such as photographs, blueprints, and most importantly an appraisal report to support the estimated value.

2. Having the Correct Paperwork

The local taxing authority for a given town has certain paperwork that must be filed for a tax abatement, as it is essential to be accurately completed. If there are any discrepancies in the application, it may be sent back to the taxpayer or simply denied. So, it is imperative to provide all the addresses correctly and to avoid any mistakes; contact a tax professional to ensure accurate completion.

3. Responsiveness in Communications with the Taxing Authority

Taxpayers are more likely to receive a reduction on their property taxes if

they comply with the taxing authority regarding any communication. The assessing department may have a few questions once the application has been under review. Thus, it is important for assessors to have accurate contact information for the taxpayers for ease of communication between both parties.

Taxpayers utilizing these instructions as a guideline will aid in the tax abatement process. Contacting a property tax specialist such as Allobar Strategies for a consultation, will ensure a precise abatement application.

The tax consultant will complete a thorough review of the property, by completing the necessary due-diligence of all tax records; including an accurate fair market value to file with the tax abatement application.

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