Property tax can be the fairest and at the same time the not so fair tax collected by municipalities. Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following: Any additions to the property such as improvements to the land Land itself Any structures that are not permanent to the property
Due to the recession and weak real estate market many of us received automatic reassessments from our local municipality. Some may have thought this would result in lowered property taxes for the year. Not the case for the majority of us. In order for the town or county to operate they need the revenues from our homes.
My advice is that if you disagree with the values set forth by the taxing jurisdiction, then start the process of appeal.
Before you get started take a look at your current tax appraisal. Check measurements, square footage and any description of number of rooms or whether or not a basement is finished, etc. Make a list of any errors. You should also take a look at your neighbors' property values. These can often be found online at your county auditor's website.
Ask questions and look for incorrect data on your card. If you feel your values are too high, then make an appointment to go before the board of appeals. Ask what you will need to present to challenge your values.
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.
If you do not question your assessment and assume it is correct, you may be making a costly mistake. You could possibly be losing hundreds of dollars of your hard-earned money every year.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following: Any additions to the property such as improvements to the land Land itself Any structures that are not permanent to the property
Due to the recession and weak real estate market many of us received automatic reassessments from our local municipality. Some may have thought this would result in lowered property taxes for the year. Not the case for the majority of us. In order for the town or county to operate they need the revenues from our homes.
My advice is that if you disagree with the values set forth by the taxing jurisdiction, then start the process of appeal.
Before you get started take a look at your current tax appraisal. Check measurements, square footage and any description of number of rooms or whether or not a basement is finished, etc. Make a list of any errors. You should also take a look at your neighbors' property values. These can often be found online at your county auditor's website.
Ask questions and look for incorrect data on your card. If you feel your values are too high, then make an appointment to go before the board of appeals. Ask what you will need to present to challenge your values.
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.
If you do not question your assessment and assume it is correct, you may be making a costly mistake. You could possibly be losing hundreds of dollars of your hard-earned money every year.
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