With the tough economic times, the burden of property taxes isn’t making our situation any better. If you are a victim of skyrocketing property taxes, don’t give up yet. There are ways you can cut down on the taxes and enjoy some peace of mind and financial freedom.
Let’s go through some of the things you need to know about property taxes. This includes how the taxes are determined, how accurate they are, and course, how you can lower them.
The Process of Calculating your Property Taxes
Property taxes are calculated by multiplying the assessed value of your home by the current tax rate. Your local government determines this rate. Once they arrive at a figure, they subtract applicable exemptions from the total.
The local governments don’t care how much you are required to pay as property tax. They will follow through until you pay the last dollar so they can finance their budget.
Is your Property Tax Value Accurate?
The simple answer is no. Not always. Your property’s assessment determines the accuracy of your property tax. According to the National Taxpayers Union, it’s estimated that up to 60% of properties are usually over assessed.
Each municipality has its own way to assess properties. This is particularly true when it comes to the deductions. To understand the real value, check with the County Home Assessor for accurate readings.
How to Lower Your Tax Bill?
Over assessed property means one thing – you could be paying more than you ought to. If you think your tax bill is too high, don’t worry because you can challenge it. Start by getting your property’s assessment copy from the office of your property assessor and check all details to ensure they’ve reported the correct information.
If you find some discrepancies or believe your home was unjustly assessed, you can now proceed to file an appeal. If the appeal has any merit, chances are it will be successful. This will mean your property taxes will be reviewed and reduced accordingly.
Years ago, I took on the property evaluation protest myself. It was a humiliating experience. Having someone to handle it for me is truly a blessing. Five Stone people are professional and experienced; they accomplish things that I cannot do on my own. –Amy S.