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Tips For Lowering Your Property Taxes

Posted at 8:00 pm in IRS,Property
English: An icon from the Crystal icon theme. ...

English: An icon from the Crystal icon theme. Nederlands: Een icoontje van het Crystal icon thema (Photo credit: Wikipedia)

In today’s tough economic times, it makes sense to save money anywhere you can. One area that you may have overlooked is your property taxes. By following these helpful tips, you could substantially lower your tax bill.

The first thing you should do is confirm that the government has the correct information for your property. You’ll need to visit the tax assessor’s office and get a copy of your tax rate card. Verify that the lot size, square footage and any listed improvements are accurate. Correcting these discrepancies will help the assessor’s office determine your property’s actual value.

There are exemptions that can lower your properties assessed-value and lower your tax bill. You should ask for a list of exemptions and apply for those that you are entitled to receive. Many states offer homestead exemptions and tax discounts to senior citizens, veterans and the disabled. These exemptions are not automatic; you have to apply for them.

In buying or selling real estate, you often hear the phrase “location, location, location”. The same rule applies to property assessment. If there are changes in your area that lower your property’s market value, these could also lower your assessed property value. If your home has lost value due to the zoning changes or a high level of foreclosures, you should request a reassessment to reflect your property’s current value.

The tax assessor’s office is also a powerful resource for reviewing the assessment value of other homes in your area. For example, you and your neighbor have comparable homes, but you have a one-car garage and your neighbor has a two-car garage. After reviewing the property tax records, you discover that both properties have the same assessed value. You can discuss this discrepancy with the tax assessor’s office. This should set the reassessment process in motion and could reduce your property taxes.

When the assessors come to inspect your property, give them a complete tour. A cracked foundation, worn-out roof or a functionally-obsolete floor plan can reduce your property taxes.

If you do your homework, or hire professionals (Click here to learn more), you can reduce your property taxes and save money.

Rick Fish is an amateur radio technician in his spare time, he also works for Republic Property Tax. You can contact him via  his website.

Written by admin on June 3rd, 2011

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