Sometimes, lowering your tax bill just takes a phone call to correct a clearly mistaken assessment. You may also qualify for an exemption. Check online or email the assessor's office for a particular exemption application form. If however your assessed market value is high relative to recent sales prices of your property and/or similar properties', then you will need to prepare or hire a representative to file a grievance complaint form between May 1st and Grievance Day, the 4th Tuesday of May. You can obtain the RP-524 form online or at the Assessor's Office. Follow the online instructions to complete the grievance form. Contesting your tax bill yourself is free. Hiring a tax grievance representative for a 1-4 unit residential property will set you back $300 to $600 but may be well worth the expertise in lowering tax bills.
First, go to the City of Albany Assessment website or the assessor’s office to check your property assessment record card for errors that may be inflating the value of your house. Errors may include (but are not limited to) higher than actual square footage, number of bedrooms/bathrooms, or number of working fireplaces. Also, the assessor may have overlooked defects that could lower the property value, since many appraisals are done via drive-by. If you can prove that the assessment is based on wrong or missing information, have an informal discussion with the assessor. If such a discussion does not result in a reduction, then look into contesting the assessment as being on an unfair assessment rate or unlikely market value.
Assessment Rate
If the assessment rate for your property is significantly higher than for properties of similar zoning, size and age, you have a good chance of winning a reduction. Property tax rolls are public information available online, so you don't need to ask your neighbors for their assessment rates. The City of Albany bases assessd value on 100-112% of market value in a valuation district. Your rate will be displayed on your property tax bill as "Uniform % of Value". Find your valuation district using the City of Albany Assessment website and then compare your rate to that of other properties in the same valuation district. To calculate the assessment rate of other properties, simply divide the assessed value by the assessor's market value.
Market Value / Comparable Sales
The City of Albany is supposed to base assessed market value on recent sales of comparable homes in an area. You may challenge the assessment with evidence that your property's market value is lower. See this guide on to how to estimate market value or contact a Realtor, appraiser, or tax grievance expert to help you complete the market analysis.
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First, go to the City of Albany Assessment website or the assessor’s office to check your property assessment record card for errors that may be inflating the value of your house. Errors may include (but are not limited to) higher than actual square footage, number of bedrooms/bathrooms, or number of working fireplaces. Also, the assessor may have overlooked defects that could lower the property value, since many appraisals are done via drive-by. If you can prove that the assessment is based on wrong or missing information, have an informal discussion with the assessor. If such a discussion does not result in a reduction, then look into contesting the assessment as being on an unfair assessment rate or unlikely market value.
Assessment Rate
If the assessment rate for your property is significantly higher than for properties of similar zoning, size and age, you have a good chance of winning a reduction. Property tax rolls are public information available online, so you don't need to ask your neighbors for their assessment rates. The City of Albany bases assessd value on 100-112% of market value in a valuation district. Your rate will be displayed on your property tax bill as "Uniform % of Value". Find your valuation district using the City of Albany Assessment website and then compare your rate to that of other properties in the same valuation district. To calculate the assessment rate of other properties, simply divide the assessed value by the assessor's market value.
Market Value / Comparable Sales
The City of Albany is supposed to base assessed market value on recent sales of comparable homes in an area. You may challenge the assessment with evidence that your property's market value is lower. See this guide on to how to estimate market value or contact a Realtor, appraiser, or tax grievance expert to help you complete the market analysis.
Comment below to let us know how it goes!