7 TIPS for Saving on Property Taxes

Could your property tax bill be too high? These days everyone is looking to save big bucks — and we found some major league savings may be close to home. In fact, it IS your home! Some people are getting big breaks on their taxes. What are the chances it’s happening in your hometown? How can you cash in? We reveal seven secrets to potential savings.

1. I just got my bill and my jaw dropped when I saw the assessed value! There’s no way my house would sell for that amount right now!

We’ve heard so many people gripe about that. Keep in mind this year’s tax assessment is based on 2007 real estate sales. The state-mandated formula for calculating property tax means values always lag behind a year or so. The ups and downs of the market catch up with you eventually, but if the real estate market tanks (or spikes) you won’t see it reflected in your assessment right away.

2. What should I do if I STILL think my bill is too high?

Instead of paying the price, pay a visit to your town hall or this website.  Ask for, or print out, a property tax abatement form.

3. Okay, so I got it. Now what?

Do some research! Since an abatement may be granted based on comparing your home’s value to others in your neighborhood, check for info on comparable local property sales. Remember — you have to look for 2007 transactions. Many cities and towns have all the data on this website. Other communities have sales information available in the assessor’s office. Abatements may also be granted based on mistakes or errors in the description or measurement of your home. Has your community’s assessor actually inspected it recently? They may be thinking you have three bathrooms, but you really only have two. Or you have 3,000 square feet, but really it’s 2800. You may want to suggest the assessor pay a visit to your house if it hasn’t been checked out recently. (Um, remember, if they don’t know about that new finished basement or your snazzy new kitchen, your assessment could go up.)

4. Then what happens?

Submit the info to the assessor’s office. And wait. Sometimes it takes a couple of months for the town to get back to you. If you prove your home was worth less than what the assessor thought, then you win! You get a letter telling you the amount of your abatement. If you get the big “rejected stamp,” called “denied” in assessor jargon, you can still plea your case to the appellate tax board, but that can be costly and time consuming. You may also need to hire an attorney. So try to put all the documentation you can in your initial application. Experts told us — doing your homework is a big asset.

5. Where am I more likely to get an abatement?

We polled dozens of Massachusetts’s communities and found in Newton last year 75% of abatement requests were granted. In recent years, Belmont okayed 80% of applications. Athol almost 70%, Brockton and Gloucester grant more than they deny. So do Holden, Northboro, Sudbury, Quincy, Waltham, Wilmington and Westford.

6. Where am I less likely?

North Reading denied 55% of applications. Boston denied almost 70%. Also saying no: Andover, Braintree, Medford, New Bedford, Plymouth, Saugus and Wellesley.

7. Is it worth all this trouble? How much can I really save?

We found some homeowners saving anywhere from a couple hundred to several thousand dollars.

Award-winning investigative reporter Hank Phillippi Ryan is on the air at Boston’s NBC affiliate where she has broken big stories for the past 22 years. She has won 24 Emmys as well as dozens of other regional, national and international honors for her work. (www.hankphillippiryan.com). Mary Schwager is a journalist with more than 16 years of experience and is the investigative producer at 7 News. She’s won more than two dozen awards for investigative, consumer and feature reporting and writing, including nine Emmy Awards, seven Edward R. Murrow Awards and three Associated Press honors. She was also a state licensed detective and performed criminal investigations on behalf of the Wisconsin Public Defender’s Office. Find more of Mary’s articles at Examiner.com. Ryan and Schwager can be contacted at hryan@whdh.com and mschwager@whdh.com.