DETROIT -- If you are a homeowner, you have probably received a rather frightening piece of paper – your property tax statement.

It's likely your home's value is down, but there's more to consider and ways to get money back.

There is a very good chance the information in your tax statement can tell you whether you are paying too much property tax. If that's the case, you could cut your bill and put money back into your pocket.

It's a hefty price we pay for every For Sale sign sitting year upon year begging for a buyer.

And there's a costly, dirty little double whammy here: you have likely lost the equity in your home and your city or township might just tax you on your loss.

"I finally got my bill and I understood it," said Realtor Mark Avery.

Avery of Rochester Hills got his license three years ago, and got angry noticing too high tax bills, so he started appealing.

"My friends and family, we did 16 last year…we saved $10,000," he said.

Which was an average of $625 each person.

Avery started a Web Site, www.overtaxedproperty.com as a way to help people learn how to fight the property taxman.

Local 4 checked with some local assessors to make sure his information is accurate and here are the steps you can and should take to help put money back in your pocket.

1. Challenge your valuation

2. Make presentation

3. Bring 3 comparable sales (no foreclosures or bank sales)

First, check to see if your taxable value is higher than your assessed value.

You can do that by clicking here .

If so, immediately challenge your assessment. Your assessment paperwork will instruct you how and give you your deadline.

Next, you must make a short presentation before a review board.

Be prepared with a good case and have three comparable sales near your home to try and establish the true cash value of your home -- without using foreclosures or bank owned sales.

You can go to your city for its listing of local comparitive sales. But you are better off finding a realtor to do that for you because they have the updated numbers.

"You should pay legally what you should pay, not more, not less. But if you're legally supposed to pay $3000 pay $3000, not $4000 not $4200," said Avery.

Remember that your lower tax assessment and tax payments mean less money for your city or town. They will not give it up easily, so make certain your appeals case is rock solid.

More Helpful Links:

Michigan's Legislator Site On Appeals

Michigan Web Site For Appeals

Local 4 Tax Guide