Property Tax Assessments: Is There A Way To Save Money?

Property taxes are often seen as a necessary evil. Most of us do not like to pay them, yet we are aware that without these taxes our local government, security services and schools would not be able to function properly or even at all.

Property taxes are based on the value of your home multiplied by the current tax rate. When you make improvements or additions to your home, your local government may reassess the value of your home and increase your property tax liability accordingly. Similarly, with many property values ​​falling across the country, homeowners have the right to request a property value review called a reassessment. This reassessment can be done by a private company or your local government. Often times, ordering this service from your local government will cost less or even at no cost.

Due to the recession and the weakness of the housing market, many of us receive automatic reassessments from our local municipality. Some may have thought that this would result in a reduction in property taxes for the year. This is not the case for most of us. For the city or county to function, they need the income from our homes. Therefore, most adjusted the rate to compensate for the reduced value of the property. I encourage everyone to research this to understand what your financial obligation is.

Before you begin, take a look at your current tax assessment. Check measurements, square footage, and any description of the number of bedrooms or whether a basement is finished or not, etc. Make a list of the mistakes. You should also take a look at the property values ​​of your neighbors. These can often be found online at your county auditor’s website. You can also get a quick idea of ​​these values ​​by visiting sites like Zillow or Trulia and looking for homes in your area. If your values ​​are much lower than yours, that’s a good place to start by appealing your own property tax liability.

When considering requesting a property value reevaluation, it is a good idea to consult a real estate attorney who can help you decide if this is a good choice. A real estate attorney may have already worked on a similar case and have the knowledge and experience to let you know if the end result might be worth it.

A real estate attorney can also help you make sure there are no miscalculations in your current property tax rate and should also be familiar with the property tax appeal process in your area. Working with an attorney who specializes in real estate, such as Felix Nihamin and Associates, can prevent you from making costly mistakes when considering appealing for lower property taxes.

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