Do all properties qualify for an expanded homeowner exemption under the 7% assessment cap?
No. The homeowner exemption is only available for owner-occupied homes, condominiums and apartment buildings of six units or less. If a property is rented and the owner does not live on the premises, the homeowner exemption is not available. Large apartment buildings and business properties are also ineligible for the homeowner exemption. In addition, the 7% law provides that the value of the expanded homeowner exemption will fall in the tax year after a sale. This can result in large tax increases for new homeowners. What are the grounds for an assessment appeal? A successful assessment appeal will reduce an individual property owner’s share of the local tax burden, resulting in a lower tax bill. There are two main types of appeals: 1. Lack of uniformity. The basic rule of property assessment is that similar properties should be assessed similarly. If there is a lack of uniformity, an appeal is appropriate. To substantiate such an appeal, it is necessary to find properties comparable
