I
f you've recently purchased a home, it's a good idea to review your property tax assessment for accuracy. This is because officials use this assessment to determine the value of your property for tax purposes, and any inaccuracies could result in overpayment. As part of your recent purchase, you likely have many essential documents that can help support an appeal, according to Sal Cataldo, a real estate lawyer.

    These documents may include a title report, home inspection report, appraisal, and mortgage information, which provide valuable details about your property's age, flaws, value, and comparable neighborhood values. "You've obtained a wealth of information about your house, whether you realize it or not," Cataldo said.

    A home sale typically triggers a reassessment due to the change in ownership, with the new market value applied to the assessment. However, the specific rules regarding when this new value is applied and how often reassessments occur vary by area.

    Reviewing your property tax assessment as a newly minted homeowner can be valuable for several reasons. Property taxes have been rising in recent years due to increasing home values and tax rates. The median property tax bill in the US was $3,500 in 2024, up from $3,349 in 2023.

    Inaccuracies in your assessment may result in overpayment, with some areas experiencing higher bills and price hikes. For instance, homeowners in New York City paid a median of $9,937 in property taxes as of 2023, making it the city with the highest median property taxes among metropolitan areas.

    It's not uncommon for properties to be over-assessed, meaning you pay more than you should. Pete Sepp, president of the National Taxpayers Union Foundation, notes that "it pays to check." Inaccuracies can occur due to uncorrected details in your assessment, such as incorrect square footage or bathroom count.

    NTUF estimates that 30% to 60% of taxable property in the US is over-assessed. Success in appealing your assessment can lead to savings for several years, with some homeowners potentially saving $100 or more per year and median savings of $539 annually, according to Realtor.com estimates.