If you've just purchased a home, you're probably focused on settling in, unpacking boxes, and learning the quirks of your new space. But there's one important task that often gets overlooked—reviewing your property tax assessment. It might not seem urgent, but experts say now is the perfect time to make sure your home's assessed value is accurate. If it's not, you could be paying hundreds—or even thousands—more each year in property taxes than you actually owe.
Your property tax assessment is how your local government determines the value of your home for tax purposes. That value, multiplied by your local tax rate, becomes your annual tax bill. But errors in the assessment—whether it's overstated square footage, an incorrect number of bathrooms, or an inflated market value—can lead to inflated taxes. And if no one catches the mistake, you'll keep overpaying year after year.
Sal Cataldo, a real estate attorney with O'Doherty & Cataldo in Sayville, New York, says homebuyers are in a strong position to appeal because they've just gathered a comprehensive set of documents during the purchase process. "You've gotten a wealth of information about your house, whether you realize it or not," Cataldo says. Your title report shows the home's age, your inspection report outlines flaws or needed repairs, and your appraisal and mortgage documents highlight the home's true market value based on neighborhood comparables. These are exactly the kinds of details that can support a successful appeal.
A property sale often triggers a reassessment since the transaction updates the home's market value. But how—and when—that new value is reflected in your tax bill depends entirely on where you live. Some municipalities reassess property annually, others every few years, and some don't follow any predictable schedule at all.
What is predictable, however, is the rising cost of property taxes. The median property tax bill in the U.S. rose to $3,500 in 2024, a 2.8% jump from the previous year, according to Realtor.com. And in high-cost cities, that number climbs much higher. Homeowners in New York City now face a median property tax of $9,937. In San Jose and San Francisco, those figures are $9,554 and $8,156, respectively.
With these numbers steadily increasing, ensuring your assessment is accurate is not just a good idea—it's a smart financial move. Pete Sepp, president of the National Taxpayers Union Foundation, points out that 30% to 60% of taxable properties in the U.S. may be over-assessed. "It pays to check," he says.
Often, over-assessments stem from outdated or incorrect property data that's never been updated. Maybe the previous owner finished a basement, and the square footage was added to the record twice. Maybe the assessment still lists four bathrooms when the home only has two. These small mistakes can significantly inflate your tax bill over time.
Fortunately, the potential savings make it well worth the effort. According to Realtor.com, over 40% of U.S. homeowners could save at least $100 per year by appealing their assessment. The median annual savings from a successful appeal? $539.
Even better, a successful appeal doesn't just lower your bill for one year—it can influence future assessments for years to come, especially in states where reassessments don't happen annually.
So as you settle into your new home, take a moment to pull out your paperwork and compare it to your local property tax records. If something seems off, consider filing an appeal. In many cases, all it takes is a short form and some supporting documents—most of which you already have on hand.
In the excitement of buying a home, it's easy to overlook bureaucratic details. But double-checking your property tax assessment now could unlock savings that last for years—and make your new house feel just a little more like home.
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