I chose to hire a very accomplished real estate attorney who is also a hearing officer in a county in which we do not own property. She was able to negotiate with the tax assessor to reduce my tax burden by $575 per year. The cost was a modest $250 up front and a contingency fee of 35% of the tax savings. In my case, the total cost was $474.
This equates to a 121% IRR and is the most profitable investment I made in all of 2011.
If you own property, I highly recommend you look at your tax bill and ask yourself, “Is the tax assessment truly what I would expect to receive if I had sold on January 1 of the year in which the taxes are levied.” If not, seek professional help.