IRS TAXES PROBLEMS

Can You Lower Your Property Tax

With the current economic climate in America, now might be a good time to re-evaluate your property taxes. Lowering your property taxes could lead to some extra savings that you can set aside to complete your debt settlement program quicker. Below are a few tips to make sure your property tax value is current.

Global Insight, a company that analyzes and forecasts economic trends, states that U.S. home prices fell at a fast pace during the end of 2008, according to a study entitled, “Home Prices in America.” Because of the rapidly declining prices of homes, the housing market is now undervalued. This data may not be a positive step for the economy, but consumers who live in areas that have been affected by the housing crisis may be able to reduce their property taxes. Below are some steps to take if you want to question the value of your home.
 
Do Your Homework
 
Appealing your home’s value may require you to spend time doing some research. It may be worth the effort because the National Taxpayers Union estimates that as many as 60% of all homes are over-assessed and not in line with their actual value. Despite this fact, only one in 50 homeowners tries to appeal assessments. You can begin your research by obtaining a copy of your assessment records from your local assessor’s office. The American Homeowner’s Association (AHA) reminds homeowners that The Freedom of Information Act entitles homeowners to have access to all documents regarding their property. You may be asked to show proof of ownership to view the records. Try visiting the web site for your local community. Some counties and municipalities offer online databases of property records.
 
Verify your home’s description
 
Once you obtain a copy of your property assessment, ensure that all of the information is correct. According to AHA, many property tax assessment errors are clerical. Appraisers are usually on strict deadlines to assess many homes in a short amount of time and they also do not go inside of your home. So, simple mistakes can happen. For example, make sure your assessment lists the correct number of bedrooms, square footage, and age of the home. Misrepresentation of these factors can affect the value of your home.
 
File an appeal
 
If your assessment does not contain any errors, you can still dispute the value of your home. Inquire at the assessor’s office about how to appeal a property tax assessment. The process may vary among local communities. In most cases, you will have to do more research, which may involve gathering data on comparable properties in your area. According to Consumer Affairs.com, it may help you to seek the advice of a real estate agent or attorney to obtain the evidence that you need.

Tags: Lower, Property