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Eight Ways to Lower your Real Estate Taxes

offfice-tax-300x225Property values have increased this year, and with rising property value, there will be a hike in real estate taxes. There are, however many ways to work around the taxes and reduce them. Any way to lower taxes are welcome, so here are eight ways to reduce your real estate taxes.

  1. Be aware of all the rules– Real estate taxes are normally paid only once a year and the window to contest claims is normally very narrow, so know the rules and act immediately.
  2. Get everything you are eligible for– Many appraisers may not work with your best intentions in mind, so make sure you receive every tax break and exemptions that are offered by the government.
  3. Clear errors– There may be some glaring errors in the report- number of rooms, for example. If you spot any of them, make sure they are fixed right away.
  4. Look at the locality– If there are other homes in the locality with the same size and age, get the records from that property and make comparisons on valuation.
  5. Build a fair appeal– If your home is unfairly valued based on your research, build a solid appeal as valuations have to be based on market value of homes
  6. Appeal your claims– Present all the data you have collected and send it to the authorities. The assessor should pass the verdict in a few months; you can take your case to the appeals board if the verdict doesn’t work for you.
  7. Hire a private appraiser– If you do not have the time or the knowledge to do it yourself, hire a professional.
  8. Pay what you owe– Make sure you make the payment, albeit a reduced one on time.

Note that you can make use of the mentioned ways to lower your taxes, so long as they are accurate and you are allowed to do them. Under reporting and payment are both illegal and and you may end up with fines, so tread carefully on how you chose to lower your real estate taxes.

Image courtesy of [Anoop Krishnan] at FreeDigitalPhotos.net

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