The economic downturn that is upon us has forced many to consider how they might trim their spending. Paying less property tax does not strike most people as an option — but it is.

In real estate, when values decline rapidly and the tax assessments remain the same, it may present an opportunity for residential and non-residential property owners to create a stimulus of their own. The property taxes may be based on assessments that are three, five or ten years old. Property assessments drive the amount residential and business property owners pay in local, county and school taxes. The last county-wide assessment was conducted in 1996. The real estate market, in the meantime, heated up dramatically until roughly 18 months ago, when sales and prices began to fall precipitously.

Owners of residential and non-residential real estate now have an opportunity to file a tax assessment appeal to correct any imbalance between assessed and actual value. This will involve an initial analysis and, ultimately, an appraisal to determine whether or not the present assessment valuation of the particular property is inflated. If it is, a tax assessment appeal is the appropriate remedy and can result in significant tax savings.

Annual assessment appeals must be filed no later than August 1, 2009. If this deadline is missed, there is no opportunity for relief from your 2010 real estate taxes.

Now is the time to begin planning for a tax assessment appeal. The research and appraisal process takes time, as does the preparation of the appeal papers.

From those who have been wondering what happened to all those zeroes that they have become accustomed to on their quarterly 401(k) statements, to those who are struggling to make mortgage payments, any extra savings can be a boost. In most cases, result-oriented representation can be arranged. This means that the legal fee is paid out of the taxes that are saved.

Please contact Brian Nagle if you are interested in pursuing a tax assessment appeal or need more information about the process.

MacElree Harvey
17 West Miner Street
Post Office Box 660
West Chester, PA 19381-0660
p| 610.436.0100
f | 610.430.7885
f | 610.429.4486
e| info@macelree.com