How to Save 60% On Your Property Taxes
Jun 17th, 2009 | By Contrarian Profits | Category: Notes From the Investment Underground, Real Estate InvestmentsUp to 60% of you could be saving money on your property taxes, says our resident tax expert Raife Neuman…
Many of you have probably seen your home values drop recently. And some of you probably feel like the house fell off a cliff… or maybe even wish it had. But the savvy money manager doesn’t sit around licking his wounds and feeling sorry for himself. He knows that times of trouble can often reveal nuggets of opportunity. And you most likely are missing one right now.
With the drop in home prices you’re house is probably over-assessed. And your property taxes are based on the assessed value. Meaning you are likely paying taxes on value that doesn’t exist.
What many people don’t know is that, with a little homework, you can appeal the assessed value. John F Wasik, writing in Bloomberg recently lays out the basic legwork you will need to do:
- Make sure your property complies with the legal description – oftentimes the legal description will overstate square footage, number of bedrooms, etc., leading to a higher tax bill.
- Look at similar houses in the neighborhood that have sold recently. Did they sell for less than your appraised value? Many assessed rates are based on three-year averages, meaning that your house is valued in boom times for these bust times. Once again, higher taxes.
Once this information is gathered, give it to your assessor. But be prepared to appeal to your local board. You can appeal yourself. Or hire a lawyer to do it. Either way, hopefully you’ll be on your way to keeping a little more of your hard-earned cash.
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