Property Taxes and Appeals 101

The webinar, hosted by TurboTenant’s Samantha Yadav and Krista Reuther, provided attendees with a comprehensive understanding of property taxes, appeals, and how Ownwell, represented by CEO Colton and Property Tax Manager Sam, can assist property owners in managing their property taxes more effectively. Here’s a breakdown of what was covered:

Introduction

• The session began with Samantha introducing the themes of the webinar and mentioning that Krista is involved in crafting TurboTenant’s blog and newsletters. The Ownwell team, represented by Colton and Sam, was introduced as experts in property tax appeals.

Understanding Property Taxes

• The webinar emphasized that property taxes are assessed based on the evaluation of one’s property, supporting local government but can be appealed if overvalued. Attendees were encouraged to scrutinize their property tax bills to ensure accuracy and were informed that professional services like Ownwell could assist in the appeal process.

The Process of Property Taxes and Appeals

• Colton and Sam from Ownwell explained their role in protesting market values of properties across various states, focusing on gathering evidence, scheduling hearings, and escalating appeals as necessary. Their explanation gave attendees insight into the end-to-end service Ownwell provides to property owners seeking to appeal their property tax assessments.

Crucial Polls and Participation

• Interactive polls were conducted to gauge the audience’s experience and concerns related to property taxes, revealing that a significant majority had paid property taxes last year, with most owning 1 to 3 rental units.

The Role of Property Taxes

• Discussions highlighted that property taxes support critical local government functions but noted that only a small percentage of taxpayers appeal their assessments, despite a notable portion of taxable property being over-assessed.

Key Takeaways

• Attendees learned that property taxes are assessed annually based on property value, contributing significantly to local revenue. The discussion clarified that property taxes and real estate taxes are interchangeable terms and stressed the importance of understanding one’s tax bill and the potential for appeals.

The Appeal Process

• The Ownwell team detailed the tax appeal process, emphasizing the need for property owners to be proactive in appealing their property tax assessments. They outlined the steps involved in filing an appeal, from understanding the market value of the property to preparing for and attending hearings.

Questions and Answers Session

• A Q&A session allowed attendees to seek clarity on specific concerns, such as the approach to valuing properties for tax purposes, the risks associated with appealing tax assessments, and the potential for increased taxes post-appeal.

Conclusion

• The webinar successfully demystified the often complex area of property taxes and the appeals process. It underscored the value of professional services like Ownwell in navigating property tax appeals, potentially saving property owners significant amounts in taxes by ensuring fair assessments.

In closing, the webinar equipped landlords and property owners with actionable insights into managing property taxes more effectively, leveraging expert services where appropriate, and actively engaging in the appeals process to ensure fair property valuations.