How To Lower Property Taxes ?
Property tax is the percentage of tax charged by the municipalities on your property. This comprises of the value of the land and the improvements done on it. There are certain ways to lower your property taxes. Like, for example, have a re-assessment on the value of your property. Many a times, the downfall in the property market results in the downfall of the values of properties. This can save a hefty amount of money on property taxes. |
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Another way is hiring the services of a realtor. A realtor is someone who looks into similar square footage and property sizes. Hire a realtor and keep check of the fact whether some or any houses having same square feet area like yours is sold, and whether they were sold for prices lower than what you paid for your property. This helps in a big way to keep check the value of the property and saves quite a lot amount of property tax. Make sure that if there are any differences in sale, then they should not be much in recent times. In case the difference is quite substantial, it should prove that the value of the same size of property has lowered over the time. This assessment should not project just some exceptions where people have sold property due to some reason and not due to the market price of the property.
Once you have this information, send your request letter to your county assessor's office. The letter should include your name, date you are writing the letter, property address and the parcel number of your property. Explain in the letter that you are requesting that the county to re-assess your property and that you have included recent data proving that your property value is lower than what it used to be. Attach the copy of the comparables that your realtor provided for you.
Many a times, these kinds of requests are declined. Under such circumstances you should file an appeal. However, the county or state does not reject such requests if they are convinced about the market value and the assessed value difference of your property.
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