If you haven’t filed your taxes yet, don’t panic — but act fast.
Board of equalization
Board of equalization is a money term you need to understand. Here’s what it means.
What is a board of equalization?
A board of equalization is a government body or agency responsible for hearing appeals from local citizens concerning property taxes. It ensures the implementation of tax regulations, assessments and collections.
Each county is assigned a board of equalization. This elected body provides tax assessment services in the areas of property taxes, sales and use taxes, special taxes and tax appellate programs:
- Property taxes: The board assesses the taxable value of property, which subsequently determines the amount of taxes paid by the owner. Board members also review cases of appeal made by local citizens.
- Sales and use taxes: The board administers local, district, and state tax programs, as well as business taxes and fees.
- Special taxes: The board deals with tax and fees programs of various products and services such as alcohol, tobacco, fire prevention, hazardous waste and diesel fuel.
- Tax appellate programs: The board listens and reviews appeal cases concerning property, sales and use, and special taxes. It also assists residents in filing timely appeals.
Although the agency serves multiple purposes, local residents commonly appeal to the board if they disagree with the taxable value of property by an assessor. Property owners have the option of appealing their own cases or employing an attorney. To ensure impartiality, board members cannot be appointed by an assessor.
To file an appeal, property owners need to submit an assessment appeal application provided by the local county board. Upon approval, petitioners are required to present relevant evidence at a hearing and await a decision. A board of equalization can decide to increase, decrease or leave the value of the property in question as is based on the evidence presented.
Board of equalization example
If you are a property owner and disagree with the value assigned to your property by an assessor, contact the local board of equalization and submit an application. You should be given a hearing date to present your case. The board typically considers the selling price of other similar properties sold in the area as acceptable evidence. You and the assessor will present evidence, after which board members will ask questions. The hearing is then adjourned until a decision is made and announced at the closing.
More From Bankrate
4 min read Apr 19, 2022
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.3 min read Apr 18, 2022
Regardless of what may cause a person to miss the tax-filing deadline, there are potential consequences.5 min read Apr 18, 2022
Applying for more time to file your taxes is easy. Just don’t put off paying your tax bill.3 min read Apr 15, 2022
The fast-approaching deadline for filing your 2021 taxes is April 18, 2022.2 min read Apr 11, 2022
There are seven tax brackets for most ordinary income: 10%, 12%, 22%, 24%, 32%, 35% and 37%.4 min read Apr 07, 2022
The credit was confusing even before Congress revamped it for 2021.7 min read Apr 01, 2022
Here’s how to use a Roth IRA to pay for your child’s college tuition.4 min read Mar 28, 2022
This popular tax break can be one of the trickiest.5 min read Mar 24, 2022