Property taxes are likely set to climb and if you have a problem with your assessment amount, it will cost you to appeal.
Both commercial and residential properties are being reassessed this year and with values on the rise homeowners may not be happy with the final outcome when it comes to taxation. Education property tax is levied on the assessment of property and once that amount is decided it becomes a costly process to reverse decisions so on Monday council decided on a fee structure in the event appeals pour in.
"Appeal fees were last set in 2009," says Lonnie Kaal, the city's director of finance. "The costs of running a Board of Revision to deal with appeals are substantially higher than those charged... These appeals tend to take 2-4 hours to hear, decide and make a decision." Depending on the value of the property, fees will now range between $100 (for the average residential property) to $600 (for properties valued over $5,000,000).
If the appellant is successful, appeal fees will be refunded. It's anticipated assessment notices will be issued this coming March.
