Over-assessed home?
Experts say most homes are over-assessed; tips on what you can do

NEW YORK Â? July 20, 2000 (CNNfn) (Transcript of video clip)

David Axelrod, a single dad with two kids at home, bought his house on Long Island three years ago. He found a place big enough for a tree house and a swing or two, just minutes from his teaching job.

He paid $128,000. But the county said the house was worth $183,000 and wanted him to pay $6,000 a year in taxes. He decided to fight.

"Well, I was looking at over 6,000, and they came down about $1,500 which was a pretty good savings. And that put me on par with other properties like this in the area." (David Axelrod)

Mark Lewis, who runs a tax grievance service, handled the claim.

"I would say approximately one out of every three homes are over-assessed." (Mark Lewis)

Experts say before you consider a tax appeal, research comparable sales.

"That would establish more or less what your property is worth and, consequently, what your assessment is worth." (Frank Adler)

The Internet is making that process easier. Sites like iOwn.com and domania.com let you check sales prices in your neighborhood for free. Then take a trip to the assessor's office to see if your property record is accurate. You could be paying for rooms you don't have or land you don't even own. You can file the appeal yourself or use a service like Lewis', which charges half of the first year's tax savings.

So what did David Axelrod do with the extra cash?

"(Laughs) It just disappears into the family budget." (David Axelrod)

That's your money.

Laura Rowley, CNN Financial News, New York.