3 Ways to Deal with Property Tax
There are so many great reasons to own a home, but paying property taxes isn’t one of them. Just as you make conscious efforts to fit your mortgage in your budget, you also have to make efforts to fix your property tax payment into your budget as well.
In addition to that, you can lower your property taxes by applying the following tips.
Calculate your home assessed value yourself.
The reason you have to calculate your tax bill yourself is to avoid being overtaxed on your property. Reports have it that several properties have their assessed value at $75,000 to $150,000 higher than what the fair market value is. To avoid this, it is left for you to do your homework to make sure your home is not recorded as having two full baths instead on 1.5. Here is how you should go about it!
Access information about your house.
Get in touch with your local tax office and require to view your property tax card. You can get a copy of it to study at home. This card should have information about the basic features of your house as well as any improvements you might have made over time.
Review your property tax card.
Study your property tax card to the minutest detail possible. Start with the basics like the number and size of the rooms in your house, note on your home structural condition, finished basements, and other facilities such as a swimming pool.
Hire someone to value your home.
You can hire an independent appraiser to evaluate the value of your home. The job of the appraiser in most cases include inspecting the property and providing a detailed report with the use of images, measurements, and listings of similar homes in your neighborhood.
Plead your case.
Based on your findings and that of the independent appraiser you hired, you can lower your property tax. Professionally present your case before the local tax office and make sure to organize your evidence neatly and visibly.
See if you qualify for an exemption.
Do you know that you’re qualified for a property tax exemption if you own and occupy your home as your primary place of residence? That’s not all. Here is a list of people who are qualified for a property tax exemption.
- People living with disabilities
- Low-income household
Also, certain changes you make in your home also qualifies you for an exemption. For instance, carrying out a renovation on a 30-year old house can earn you a five-year tax exemption. Installation of solar panels or geothermal heat pump can reduce your energy bill as well as your property tax.
Delay curb appeal.
Delaying (or limiting) your property cosmetic improvement before an assessor comes around to pay you a visit may reduce how much you have to pay for property tax. Homes with higher curb appeals receive higher assessed value.
Talking about the assessor’s visit, make sure you don’t let the assessor wander around unguided while evaluating your property. Make sure to point out any cracks on the wall, outdated appliances, or any other thing that may contribute to lessening the value of the house. Remember, if you don’t want them in your house, they’ll assign the highest assessed value possible for your property type.