Connect with us

Personal Finance

How to appeal your home’s property taxes

Published

1 year ago

on

Milan2099 | E+ | Getty Images

Many homeowners have seen their property taxes increase in recent years because of rising housing prices and local tax rates. But the property tax assessment isn’t always set in stone: filing an appeal may lower the cost for years.

The median property tax bill in the U.S. in 2024 was $3,500, up 2.8% from $3,349 in 2023, according to an April report by Realtor.com. 

How much you pay varies widely depending on where you live, and some places have seen higher bills and bigger increases.

As of 2023, the median property tax for homeowners in New York City was $9,937, according to a new report by LendingTree. The city ranks first among the metropolitan areas with the highest median property taxes. Rounding out the top three are San Jose, California and San Francisco, where homeowners paid a median $9,554 and $8,156, respectively.

More from Personal Finance:
Americans are struggling with rising food prices. How to save
Stagflation is a looming economic risk. What it means for your money
House GOP tax bill calls for ‘SALT’ deduction cap of $30,000 for most taxpayers

Over 40% of homeowners across the U.S. could potentially save $100 or more per year by protesting their assessment value, Realtor.com estimates, with median savings of $539 a year. 

“You’re banking on several years of savings,” said Pete Sepp, president of the National Taxpayers Union Foundation.

That’s because while some state or local governments mandate annual property tax reassessments, others set less frequent cycles with gaps of several years — and some have no set schedule at all. There are also some events that can trigger a reassessment, like a home sale or renovations.

Here’s what you need to know before you appeal a property tax increase, according to experts. 

‘You’re paying more than you should’

A tax assessment is the way officials determine the value of your property for tax purposes.

Your home’s market value, or what it would sell for, is a major component, but other factors can sway that result. It will ultimately depend on how property taxes are assessed in your area.

“It’s not a nationwide formula,” said Melissa Cohn, regional vice president of William Raveis Mortgage. 

However, it’s not uncommon for properties to be over-assessed, meaning you end up paying more in taxes than you should be, said Sepp. Sometimes it can be due to inaccuracies that were never corrected in your home’s assessment.

For example: Your assessment might have 2,500 square feet of livable space cited when it’s really 2,000 square feet, or note four full bathrooms when the home really has three full and one half-bath.

Why home payments are skyrocketing

“Those kinds of things get embedded in your property assessment, and year after year, you’re paying more than you should,” Sepp said.

NTUF estimates 30% to 60% of taxable property in the U.S. is over-assessed, based on reports from individual state tax assessors.

How to appeal

Appealing your assessment is “not a terribly difficult investment of time for a residential property owner,” said Sepp. “The processes are reasonably easy and fair.”

Should you be successful, the change typically takes effect for the current tax year, and it becomes the basis for your next assessment, he said.

If you plan to appeal your taxes, your goal is to demonstrate how the assessor is incorrectly applying the assessment formula to your house, said Sal Cataldo, a real estate lawyer and partner at O’Doherty & Cataldo in Sayville, New York. 

“It’s challenging the numbers that they’re plugging into the formula for your particular house,” he said. 

Here’s how to get started: 

1. See if your current assessment is accurate

The first step is to look at the accuracy of your own assessment. You should receive the assessment if it’s in the cycle. You should also be able to find or request your records online through your county, city or district assessor.

Make sure the details about your house are correct, said Sepp, such as the square footage or the age of your roof. 

If you notice inaccuracies, start to gather paperwork as evidence. For example, if the roof appears to be relatively new in your assessment, but is in fact much older, look in your records for invoices from contractors from when it was previously repaired, or even the home inspection from when you bought the property.

2. Compare your property to your neighbors’ homes

Knowledge of other houses in your neighborhood or homes close to yours is important because it can help you appeal your tax bill, said Cataldo.  

As tax records are public, you can find out what your neighbors with similar homes are paying in taxes. If you’re paying more, that might be an indication that your taxes may be over-assessed, he said. 

You’ll also be able to see if they are paying less taxes because they qualify for tax exemptions, Cataldo said.

3. See if you qualify for tax exemptions

You might qualify for tax exemptions in your town, city, county or area, which can help reduce or even eliminate your property tax liability.

Some of the most common exemptions cover qualifying older residents, active military members, veterans, low-income households or disabled individuals, among others, Bankrate found.

4. Know your deadline

Make sure to meet your area’s recurring deadline to appeal your bill, Sepp said. Sometimes it will appear in fine print in the assessment. The time window to file your paperwork can span from 30 to 45 days ahead of that deadline, for example.

5. Seek expert guidance

Sometimes it might be worth tapping expert guidance or advice, such as a real estate agent who’s very knowledgeable about your area, or an appraiser. They can help you compare home values to yours. Before you hire someone, research to understand what their services entail and what they charge.

Related Topics:
Continue Reading

Personal Finance

$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

Published

6 days ago

on

August 8, 2026

By

The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

Continue Reading

Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

Published

1 week ago

on

August 7, 2026

By

Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

Continue Reading

Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

Published

2 weeks ago

on

August 1, 2026

By

As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

Continue Reading

Trending