Hundreds of thousands of people in the wrong council tax band could be entitled to £1,000s each if they claim compensation after following Martin’s "Check ‘n’ Challenge" system.

Not only that, but they'll also make substantial savings on their future council tax payments if they're paying too much and successfully get their band lowered. Your council tax band depends on your property’s value at 1991 prices but the problem is that these were calculated in a hap-hazard manner meaning around one in ten of us could be in too high a band and paying far too much.

We invited three studio guests to do the Check 'n' Challenge. One is almost certainly in the wrong band and could be entitled to a £740 refund by applying for a rebanding – plus he'll save £130 a year on his future council tax bills.

The other two are more borderline but if they successfully claim they could get back around £1,500 between them. And as any of us could be affected, everyone should check their band to make sure they aren’t paying over the odds.

A Quick Summary of the four steps

Step 1: Compare your banding to your neighbours’ banding by entering your postcode on the VOA website if you live in England or the SAA website if you're in Scotland

Step 2: Check house price values in your area. Go to one of the free websites that allow you to check the prices of all properties sold in your street since 2000. You want to find the most recent sale price of a similar property to yours. Find the links in the Martin’s detailed step-by-step Council Tax Reclaiming guide.

Step 3: Calculate your home’s value at 1991 levels. Use a house price calculator and input the price you got from step 2. The calculator allows you to then estimate that property’s value at 1991 prices.

Step 4: Work out your correct banding by using a property value calculator.

For all the links and how to claim read Martin’s full Council Tax Reclaiming guide.