January 31, 2022, is one of the most important dates for those who are interested in starting the appeal process for a property tax assessment in Rhode Island. Tax season is upon us, and although many people are focused on income taxes, it is critical to remain aware of real estate taxes. Presently, Rhode Island residents have concerns regarding high property tax assessments. Although quickly appreciating property values is good news, this could also mean higher taxes for people who own property.
The First Step in Filing an Appeal
There are valid concerns that if real estate taxes go up, owners may not be able to afford their monthly payments. This could force taxpayers into foreclosure. Those interested in appealing their property tax assessments should begin by submitting a notice of intent to bring an account no later than January 31st. That letter must be submitted no later than January 31, 2022. Anyone who misses this deadline will be unable to bring an appeal.
Step 2: Submitting a Sworn Statement
The next major deadline in the appeal process is March 15th. After filing the first document by January 31st, owners will need to file a sworn statement with the legal system by March 15th. Essentially, this statement from the owner must attest that the owner genuinely believes that the true and full value of the property is not equal with the property tax assessment. Again, if someone misses this deadline, their ability to appeal their property tax assessments could be put in jeopardy.
2022 Real Estate Taxes Will Be Based on 2021 Performance
It is not a secret that real estate in Rhode Island can be expensive. 2022 could be a good year to contest real estate taxes. Property tax assessments will be based on the performance of properties in 2021, which was a difficult year for individuals, families, and small businesses, alike. This could open opportunities for contesting property taxes in 2022.
The Clock Is Ticking
Seeing real estate taxes go up can create difficulties for people attempting to budget effectively, and some might be concerned that they could lose their homes. Appealing your property tax assessments by the designated deadlines may prove imperative for those attempting to save money.