Property Tax Records are records which most people find cumbersome to keep and they therefore usually throw them away. However, keeping your records can be the easiest things you will ever do. Not only should you keep your records intact, but you should also keep any other document or receipt that is related to the same. For example, it doesn't make sense to keep your property tax records but throw away the bank receipts used to pay those taxes.
Why Keep Them: The importance of keeping property tax records safe is usually appreciated when you happen to be a "victim" of regular audits. Now don't keep them just for the sake of the regular audits. Some eventualities may come that greatly demand the presence of intact records. One of these unfortunate incidents is divorce. The reason why divorce related cases usually take forever is because of the absence of such documents. The property tax records are used by the legal system when in comes to splitting of belongings.
Also, keep records of any property you buy or renovate over the years. This will come in handy when the actual value of the property is needed for a particular reason; say taking a loan or selling the property off. It also helps you in claiming the gain from the tax department when the mature period comes. Otherwise, you will find it hard to convince a financier or even a buyer that the property is worth much more than they think it is. Generally, the shortest time you should keep your copies is 15 years, but keeping them forever is even better.
Lost a Copy? Where to Find Them: Fortunately there are online services that allow you to conduct a current, accurate and quick search and download of information regarding these records. Advancements have alleviated the headache of digging through old dusty files and now you can comfortably come to the rescue from your own home office. Make sure you use an online search database when looking for Property Tax Records that provides clear and concise information.
Storage Tips: It is of great importance that you devise a good storage system by which you can store your tax records safely and in a way that does not take much of your energy and time. For instance, consider buying a good spring or box file. Pin all the documents and receipts that are relevant to a particular tax record and file them together with it. When the file is full, label on it the range of months of the records in it.
Keep these property tax records in one place, say a particular drawer or a specific place that is safe and that you will easily trace. Also, remember to keep these tax records separate from other records or other documents.
Remember there is commonly a time frame in which to file a property tax appeal. Most jurisdictions have a set time every year to process appeals. So if you're contemplating an appeal to reduce your market value and possibly lower property taxes, then my advice is to find out when are you able to set an appointment. Then begin to research and prepare your case.
Take for example the case of Stephen and Rachel Pineles, who decided to appeal the assessment on their Essex County New Jersey home in 2010. "My town had not had a revaluation in over twenty years and my assessment was outrageously high in comparison with the actual value of my home," said Stephen Pineles. "Hiring an attorney to handle the property tax appeal was definitely the right decision for me. I did not have to worry about anything. Initially, the tax assessor offered a reduction that was on the low side. In the end, my attorney negotiated a much better settlement and my property taxes were reduced by over $3700 or almost 30% of my tax bill." As with anything else, there is some amount of risk in appealing your assessment. In New Jersey, if your case is unsuccessful, you will not recover your out-of-pocket expenses. In addition, under New Jersey law, your assessor has the right to argue that your assessment is too low. This right is limited, however, to cases where your property is undervalued by a measure of 15%. If your property's assessment divided by the equalization ratio is $100,000, the assessor can only argue that assessment should be increased if he or she can prove your property is really worth at least $115,000. If your attorney has done his research well and has determined that there is a good case for lowering your assessment, it is unlikely to happen. As the new year begins, in addition to some of the more difficult goals and changes people contemplate, it may be worthwhile to consider trying to lower your tax bill. It could be one of the easiest and most profitable resolutions you make.
Why Keep Them: The importance of keeping property tax records safe is usually appreciated when you happen to be a "victim" of regular audits. Now don't keep them just for the sake of the regular audits. Some eventualities may come that greatly demand the presence of intact records. One of these unfortunate incidents is divorce. The reason why divorce related cases usually take forever is because of the absence of such documents. The property tax records are used by the legal system when in comes to splitting of belongings.
Also, keep records of any property you buy or renovate over the years. This will come in handy when the actual value of the property is needed for a particular reason; say taking a loan or selling the property off. It also helps you in claiming the gain from the tax department when the mature period comes. Otherwise, you will find it hard to convince a financier or even a buyer that the property is worth much more than they think it is. Generally, the shortest time you should keep your copies is 15 years, but keeping them forever is even better.
Lost a Copy? Where to Find Them: Fortunately there are online services that allow you to conduct a current, accurate and quick search and download of information regarding these records. Advancements have alleviated the headache of digging through old dusty files and now you can comfortably come to the rescue from your own home office. Make sure you use an online search database when looking for Property Tax Records that provides clear and concise information.
Storage Tips: It is of great importance that you devise a good storage system by which you can store your tax records safely and in a way that does not take much of your energy and time. For instance, consider buying a good spring or box file. Pin all the documents and receipts that are relevant to a particular tax record and file them together with it. When the file is full, label on it the range of months of the records in it.
Keep these property tax records in one place, say a particular drawer or a specific place that is safe and that you will easily trace. Also, remember to keep these tax records separate from other records or other documents.
Remember there is commonly a time frame in which to file a property tax appeal. Most jurisdictions have a set time every year to process appeals. So if you're contemplating an appeal to reduce your market value and possibly lower property taxes, then my advice is to find out when are you able to set an appointment. Then begin to research and prepare your case.
Take for example the case of Stephen and Rachel Pineles, who decided to appeal the assessment on their Essex County New Jersey home in 2010. "My town had not had a revaluation in over twenty years and my assessment was outrageously high in comparison with the actual value of my home," said Stephen Pineles. "Hiring an attorney to handle the property tax appeal was definitely the right decision for me. I did not have to worry about anything. Initially, the tax assessor offered a reduction that was on the low side. In the end, my attorney negotiated a much better settlement and my property taxes were reduced by over $3700 or almost 30% of my tax bill." As with anything else, there is some amount of risk in appealing your assessment. In New Jersey, if your case is unsuccessful, you will not recover your out-of-pocket expenses. In addition, under New Jersey law, your assessor has the right to argue that your assessment is too low. This right is limited, however, to cases where your property is undervalued by a measure of 15%. If your property's assessment divided by the equalization ratio is $100,000, the assessor can only argue that assessment should be increased if he or she can prove your property is really worth at least $115,000. If your attorney has done his research well and has determined that there is a good case for lowering your assessment, it is unlikely to happen. As the new year begins, in addition to some of the more difficult goals and changes people contemplate, it may be worthwhile to consider trying to lower your tax bill. It could be one of the easiest and most profitable resolutions you make.
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