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Debt Management > Can you Lower Your Property Taxes? |
Can You Lower Your Property Taxes? In the era of rapidly rising property values, perhaps receiving your annual property tax bill is a bit of a shock, particularly since municipalities seem to increase rates a bit every few years or so. As a result, the vast majority of homes are over-assessed and you're likely paying more taxes than you should. If you want to reduce your property taxes, consider contesting the assessment of your home's value. Less than half of all homeowners do this despite the fact that they are allowed to do so by law and the process isn't that difficult, and most homeowners who appeal succeed in getting their property taxes reduced. If you succeed, you might save a bundle, anywhere from $100 on a modest home to a few $1,000 on a very large home. How do you get started? First of all, do some research to gather evidence that your property is overvalued by the taxing authority. If your local appraisal district has a website, you might be able to research the property values of your neighbors' homes. If they don't have a website, you'll have to visit the appraisal district in person. To find your appraisal district's website, start from google.com and type in the name of your city and the term "appraisal district". For example, you can find the appraisal district in Dallas, Texas using the keywords +Dallas and +"appraisal district". Many appraisal districts have the .org extension and the term "cad" -- Example: dallascad.org. If you find that your house has a higher value than that of your neighbors, find out why. For example, do you have more bedrooms or bathrooms? Is your home on a bigger lot? Does your home contain elements that drag down its value, such as bad drainage, bad wiring, an outdated air conditioning system? Have homes sold for less than their appraised value in your neighborhood? Have your immediate neighbors let the appearance of their homes slip dramatically? Any of these factors can help you get your tax bill reduced. So how do you get started? Again, do some research to find evidence that your home is overassessed. Then contact the appraisal district and tell them you want to challenge your home's valuation. They will mail you the forms to do so. Be aware that there is a deadline involved and you only have a certain amount of time to contest your home's valuation after you receive your annual tax bill. Don't contact the appraisal district if you don't have proof. Of course, there is always the chance the appraisal district might disagree with you and, in fact, think your house is undervalued. For example, you wouldn't want to let them know that you have added a fourth bedroom or redone your kitchen, as these are factors that would raise your home's value. How easy is it to get your property taxes reduced? One woman told us that she read this article and immediately challenged the assessment of her home on the grounds that two of her neighbors directly across the street had let their homes fall into such a sad state of disrepair that she could not sell her home for its appraised value. The appraisal district mailed her a form which she completed and mailed back to them. Within a few days, the appraisal district sent an investigator out to look at the situation and he agreed with her. The result was that her $816 tax bill was reduced to $516 with less than an hour's worth of work on her part. |
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Debt Management > Can you Lower Your Property Taxes? |
Debt Kit -- Settle unsecured debts for a fraction of amount owed Credit Kit -- Improve your credit rating and reduce monthly payments by $200+ |
