Curious how to lower your property taxes? You’ve come to the right place because I successfully lowered my property taxes three years in a row during the 2008-2009 financial crisis.
As a homeowner, it’s up to you to fight like hell to keep your housing expenses as low as possible. During times of uncertainty, we should all be fighting to lower our property taxes.
If my 2021 housing prediction is correct, property prices will likely decline and then rebound again. You have a chance to lower your property tax bill during this window.
The Property Assessor’s Office Is Not Your Friend
Your property assessors’ #1 goal is to collect as much property tax from you as possible. Your goal as a homeowner is to make your home look like the dumpiest of dumps to pay the least amount of property tax possible. An asteroid could wipe out your entire city. But if the assessors office survives, they will come for you to collect!
During the 2008 downturn, I religiously filed a property tax appeal to get my assessed value lowered. In the midst of the financial crisis I was shocked that the assessors office appraised my primary residence for $100,000 more. If they got away with it, I would have paid roughly $1,200 more in property taxes that year. I ultimately won my appeal three months later and kept my assessed value the same as before.
For the next three years I got more aggressive and managed to lower my assessed value $100,000 below my purchase price. When the world is falling apart, it’s an easy sell to say your property’s value is also going down the tubes.
In fact, your goal is to get the city to assess your property as close to $0 as possible.
This post will highlight how I almost got screwed over by the San Francisco property assessor again. I’ll explain how I fought back and came to a compromise.
Just like how every homeowner should be taking action to refinance their mortgage with rates at record-lows, every homeowner should take action by filing property tax appeals!