How to Lower Your Property Taxes

ARE THEY STILL TAX DEDUCTIBLE?

The new tax plan includes a $10,000 cap on the amount taxpayers can deduct in combined property tax and local and state income tax while nearly doubling standard deductions to $12,000 for single filers and $24,000 for married couples who file jointly. This means many people who have historically itemized to deduct things like property taxes or mortgage interest will get more by claiming the standard deduction. These changes make taking steps to minimize your property tax bill even more important than in the past.

All St. Louis City and County properties were reappraised in 2017. This value is used to determine your property taxes for 2017 and will be used again in 2018. This appraised value is supposed to represent the market value of your home as of January 1, 2017.

WHILE 2018 IS NOT A REASSESSMENT YEAR, PROPERTIES THAT WERE NOT APPEALED IN 2017, OR THAT HAVE SOLD SINCE THE MIDDLE OF 2017 CAN BE APPEALED IN 2018. 

With the rise in home values, we have found for many properties the increased value does not reflect the actual changes in value based on recent sale prices of homes that are comparable with yours. In fact, since 2009 we have filed over 15,000 appeals in St. Louis County alone resulting in over $9,000,000 in tax savings to homeowners.

The simple fact is – assessors make mistakes. They utilize computer based mass appraisal techniques, market averages and neighborhood models to determine property values, which may not accurately reflect your property value. These errors and miscalculations end up costing you money year after year.

A NO-RISK RESOURCE FOR HOMEOWNERS.

You now have the opportunity to have your appraised value professionally reviewed to determine if you are being fairly taxed. We base our opinion of market value not on mass computer modeling like the Assessor does but on real comparable sales in your neighborhood. PAR Residential does all the work and only earns a fee if we are successful in lowering your taxes. All costs of the appeal are paid by PAR Residential including legal fees and appraisal costs.

Here’s how it works:

1. SET UP A FILE. PAR will gather information from you and County records, including the assessor’s “appraisal”, and set up a case file on your home.

2. DETERMINATION OF FAIR VALUE. PAR Residential will determine a fair appraised value for your property based on real comparable sales in your neighborhood.

3. NOTIFICATION. We will notify you of the results of our review of your appraised value. If we determine the assessor’s appraised value is fair no appeal will be filed. There will be no cost to you for our time and efforts.

4. FILE YOUR APPEAL BEFORE THE JULY 9TH DEADLINE. If we determine that your property is over-valued by the assessor we will file an appeal on your behalf and provide the required information to the Board of Equalization.

5. BOARD OF EQUALIZATION (BOE) hearings The PAR Residential Team will attend the hearing and argue your case. We will send the official BOE results to you in September and let you know if we need to continue your appeal to the State Tax Commission of Missouri.

6. FEE. Only if we are successful in achieving a reduction in your property tax bill, we share equally in the tax savings (50/50). All of our work is performance based: NO SAVINGS, NO FEE. There are no additional costs to you for any of our work. Our invoice will be sent to you in the fall arriving about the same time you receive your reduced tax bill.

You can learn more about saving money on your real estate taxes, the assessment and the appeal process by visiting www.parresidential.com. Interested in signing up? The enrollment process is quick and easy. Visit our website and sign up online today! Specific questions can be answered by emailing them to info@parresidential.com or by calling PAR Residential at 314-454-0505 from 9am to 5pm Monday through Friday.