Avoid Unfair Property Taxes

In most cases, local officials make a periodic assessment of your property in order to determine its value.  This value is then attributed to a property tax.  You must pay this tax every year.  The tax is assessed in return for services such as police, fire, ambulance, road repairs, street lighting, etc.

Review you property tax information.  The municipality that governs your property tax, in most instances this is the county or parish, keeps records on your property.  These records include things like lot size, square footage, number of rooms, additions or modifications, and architectural style of the home.  Double check this information to be certain it’s correct.

If your home is scheduled to be assessed, you might want to limit its appeal by not doing any cosmetic improvements to the outside of your property until after the assessment.  You also want to avoid interior improvements like new appliances, flooring, or countertops before an assessor

comes.

When undergoing a tax assessment, many homeowners simply allow the assessor to roam the property on their own.  Instead, take your assessor on a guided tour, making sure to point out the bad things about the property as well as the good.  In this manner you might make it more likely to get a more realistic property assessment and possibly lower your property taxes.

If you think that your property is being valued too high, you can appeal to your tax authority.  You will probably be granted an opportunity for a hearing, at which time you must be prepared to back up your claims with solid documentation.  Local governments are not likely to reduce property taxes unless you can make a very persuasive argument for them doing so.

A guaranteed way to lower your property taxes is to move to a smaller property.  Perhaps you are of retirement age and your children no longer live with you.  If your property taxes are too high for you to pay and the struggle is impacting your quality of life, you might want to consider moving to a smaller home in the same general vicinity, or moving to a new location where property taxes are lower.

Every property owner is looking out for some relief in property taxes.  And in the falling property market the tax pinch is more

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.

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