As property values decline, homeowners look to pay lower taxes

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Even as property values are dropping, some homeowners pay taxes based on old property assessments, MSNBC reported. But taxpayers have the option to reappraise their home values and appeal to have their property taxes reassessed, said tax epxert Alison Tulio. “Unfortunately, we’re finding a lot of clients that just didn’t even know they could file an appeal,” Tulio said. Appeals are broken down into two varieties: the first, for individuals who have owned their homes for a year or less, which requires a filing fee, of about $50; the other, for those who have owned their homes longer, which requires an assessment, usually costing around $450. While this is a significant fee, it pales in comparison to the cost of most property taxes — many of Tulio’s clients pay around $10,000 on property taxes, she said. Although she didn’t get into specifics, Tulio said an appeal can save you “a significant amount of money.”