Using lawyers to get an option to reasses and reduce RE tax

[jacob]

Apparently, it's a thing. At least around here (IL).

Some law firm will offer to try to reduce your RE taxes for a cut of the first N years of reduction. If they feel to get it reassessed lower, there's apparently no risk (to you) of getting it reassessed higher.

Anyone know about this? We've gotten the junk mail as well as having it recommended by friends. Current price of the option is 50% of the first year's reduction.

Can this be DIY?

[sky]

You can do this yourself. Get valuations of about a dozen homes comparable to yours in your neighborhood. They should be similar in square footage, number of bathrooms and bedrooms, lot size, and other amenities. Take the lowest valued properties and your property, and put them on a spreadsheet showing comparative value by square foot. You can get this information from the assessor's website. You also need to get the appeal process in writing, the deadlines are very important.

[5to9]

I used this in the opposite direction, when the school district appealed to try to raise our assessment. As far as I could tell, the school district had a very reasonable case, but I paid a lawyer $500 and the school district dropped their appeal. Might be one of those situations where having a member of the club working for you makes a difference. Saved me close to $1000 a year over the 5 years we lived there.

From a recent experience being called as a witness, it seems that 95% of the legal process is a negotiation ritual between legal professionals.

[billc]

At least in MD and VA the property assessments tend to be below the market value of properties - they just monkey with the mill rate to increase taxes.

[Ydobon]

You can do this yourself. Get valuations of about a dozen homes comparable to yours in your neighborhood. They should be similar in square footage, number of bathrooms and bedrooms, lot size, and other amenities. Take the lowest valued properties and your property, and put them on a spreadsheet showing comparative value by square foot. You can get this information from the assessor's website. You also need to get the appeal process in writing, the deadlines are very important.

That's roughly how it works in the UK, very straightforward, no cost and relatively well known.

If lawyers are involved, it's normally a sign that there may be a cheaper DIY alternative (unless you're legally obliged not to do so).