Standing Fast amid Financial Storms

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The hearing itself was an eye-opener, with appeals ranging from lawyers looking for rollbacks on their clients' multimillion-dollar commercial properties to lower-income homeowners to whom even a small increase in property taxes could mean financial hardship.

At last, the Queen got to make her appeal. It was very straightforward, with the board members asking about the date of purchase, condition of the house, etc. She seemed surprised at how little time it took.

"Maybe they'll just take a little off the top," I thought to myself as Her Majesty left.

Taking a Stand

Soon after, it was my turn. With my wife's carefully prepared documentation, and my natural eloquence and unmatched powers of persuasion, what could possibly go wrong? Just give them your usual smoothly worded presentation, and the tax rollback would be a cinch.

After a few preliminary questions, the chairman asked, "So, Mr. Andrews, what are your reasons for asking for a reduced assessment?"

In my brain's electrical panel, the eloquence and persuasion circuits immediately shorted out. I tried to explain the concept that the town had pushed the assessed value too high in relation to the scope and quality of the renovation, and to the value of a similarly remodeled home in the neighborhood, but the words came out something like this: "Hummada, hummada comparables, blah, blah proportionate, um, err, commensurate, err, um, attached spreadsheet…"

Could it be possible they were all looking at their watches? Was that a barely stifled yawn coming from the fellow on the left? Was that the slightest look of impatience on more than one face? I grew increasingly nervous. "Yadda, yadda fairness…uhhh, requested reduction…"

It was a good thing I never went to law school.

At last, the chairman said, "Thank you, Mr. Andrews," and my painful performance concluded.

An Acceptable Conclusion

Several weeks later, we received a notice from the town that they had reduced our assessment to just about the level we had requested. Thanks to my wife's hard work and careful documentation—and in spite of my sputtering presentation—our tax increase was trimmed to a level we considered fair and acceptable.

And it's that type of diligence you need in defending your money so it lives to fight another day. Here's hoping the only haircut you have to endure comes at the hands of the Queen, who will gladly tell you about her recent property-tax reduction.

Andrews is managing editor of the Investing Channel for BusinessWeek.com .