Each year real estate property has totally increased its value. This may be a good thing for most of you. But the bad thing is, as the price or value of a real state property rises, the tax charge to it will also increase. There are instances that your house or property may be given a high assessment which will tremendously increase your tax bills but you should not worry because you can always do something about it.
You can always find ways on how to lower your property assessment. But how can you do this? Here are some useful tips to avoid super high tax bills.
- Don’t be ignorant about the rules
If you don’t know the rules and process of assessment, you will not be able to determine whether the property assessment is right. The local government typically sends the notice of assessment in every 1st few months of a year. Take note of the deadline in value challenging.
- Check everything
When the tax bill reaches you, you should be particular of several important details. This includes your figures of assessment, the tax rate and schedule of payment. Be very vigilant of the tax charge to you. Make sure that you get the tax that you deserve. There are states that will permit you to live and own a property and enable you to protect a part of its value or worth from taxation. You can use this in lowering your tax.
- Check the record card of your property.
If you find your property assessment to be too high, you can check all the details in the assessor’s office property records. You will be able to see in these records the description of your property (such as having four bedrooms). If you find something erroneous, the assessor will fix the errors that you have identified. In this way, you will be able to lower you property assessment.
- Compare same property
There are properties that will be the same as yours – the same house age, similar bedroom numbers and many more. In order to lower your property assessment, get the records card of the property that resembles yours. If you find out that your property assessment is too high compared to similar properties, you can always complain and let the assessor fix it.
- Identify grounds for appeals
One of the valuable and strong grounds in filing an appeal is the comparison of your property assessment to other same property. Bear in mind that the bases for the assessment is overall market value of your house. Any problems in your house such as leaking basement will be decreased its market value.
- Gather beneficial sufficient evidences
In making an appeal for over assessed property, gathering sufficient proof will be vital. These evidences include the blueprints, records of the similar real estate properties, estimates of repairs, photos and many more. This will help you in lowering the assessment made by assessors.
Your real estate property is very much beneficial. In every assessment made in it you should make sure that your property will be assessed well. If not, you can always fight and make appeal to every over assessed properties.