Recently, I opened my mail and was shocked to see that my home’s property tax assessment had skyrocketed by more than 50%! If not successfully challenged, my property taxes could escalate by more than $6,000 a year. Worse yet, since revaluation occurs only once every four years, this increase could result in a $24,000 hit!

I wasn’t totally caught off guard by the devastating proposed increase, as the median family home price skyrocketed by more than 47% from April 2010 to April 2022, according to the National Association of Realtors (NAR). Home mortgage rates have more than doubled recently from averaging 3.22% in January 2022 to 6.73% in March 2023 on a 30-year fixed rate mortgage, according to Freddie Mac. As a result, home prices have dropped 5-10% in most parts of the country from their all-time high in June of 2022.

As I researched the reappraisal, I learned that the January 1, 2023 assessed valued was based on fieldwork and comparables taken in the summer of 2022, when home prices were near their peak. Since then, prices have dropped, and this was not properly reflected in the new value.

Appealing The Reassessment

If your property value has been reassessed, and you feel the value is too high, what can you do? First, review the assessed value and prepare to