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Don’t Let Property Taxes Break the Bank

July 19, 2011

property  taxes

With a struggling economy, you may be on the hunt for money saving tips that can free up some of your monthly budget for other expenses. While you may be slashing grocery costs, cutting coupons and seeking alternatives to high fuel costs, your property taxes may represent another way of lowering costs for your household. Taking advantage of some simple tips that can result in lower property taxes is a great way you can achieve savings and slash your family’s budget.

When seeking lower property taxes, one of the first steps you may want to take in your quest to cut costs is to gain more information about your current property tax costs. City hall is one resource which can reveal your current property tax rate, seeking out any mistakes that may have been made. Even the smallest error on your property tax rate card may provoke higher fees and payments on your part, making careful checks a good way to insure proper rates.

In addition to checking for discrepancies, insuring that assessors have given an accurate depiction of the worth of your property can unveil lower property taxes. Excessive landscaping may be one characteristic of your property that may drive the value up, sparking higher taxes. Calculated by multiplying the assessed value of your home by the tax rate in your area, property taxes can often be related to the area and community where you reside, rather than the actual status and value of your home as a whole.

According to the National Taxpayer’s Union, as many as 60 percent of homeowners are paying property taxes on a home which has been over assessed. One of the best methods for insuring your home has been fairly assessed is by comparing the homes in your community to the assessed value of your own property. If discrepancies between the assessed value of your home and those within your community arise, hiring an independent property assessor is another option, in order to reveal a more accurate account of your home’s worth. While you may not be able to challenge the property taxes of your home based on an incorrect property assessment, you may be able to file an appeal if you truly think the value has been over exaggerated.

As a property tax assessor walks through your home in order to discover its worth, walking through the home with them may help you uncover the various faults in the property that could help them assess the property at a smaller value in contrast to an assessment that results from a lone walk through. The beautiful updates you may have made in your home and on your property can often overshadow some of the more serious issues, resulting in a higher assessment than the true worth of your real estate.

Looking for small ways to save your money can be simple by looking at payments, fees and bills you already find yourself paying and reducing them by gaining information about authentic costs. While it may seem complicated or overwhelming, insuring that you are paying the correct costs for property taxes can be as simple as taking a closer look at what you currently pay and looking at the fine details accompanying.

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