Paying Too Much for Property Tax?
Are you tired of paying too much for property taxes? Here are a few tips to help you check for errors in your home’s assessment, which could save you money.
When inspecting a property, you should have a document to record information you see around the home. It should include the home’s dimensions, value, and the total number of bedrooms or bathrooms. It is possible that the home’s documentation could list incorrect information, such as the amount of acres on the property. Errors like this may occur and are easy to overlook if you haven’t viewed the home's card. A copy of the home's card can be accessible to you at the town hall near you.
Look for Comps:
After receiving your home’s property card , you should compare it to a neighbors' property card —specifically, if the neighbors’ home is similar to yours. Review their home’s assessments and compare them to yours.
Research the types of conditions that could lower your property’s value. One example could be the condition of the home. What condition is the neighborhood currently in? Is there heavy traffic or unbearable smells?
Many homes may need structural improvements. If a pool in the home’s backyard needs improvement, how much will this cost? How much will the property tax be? Most home improvements can cause your current bills to increase.
Are you taking advantage of the tax exemptions that are available to all homeowners? There are many tax reductions for certain individuals such as veterans and senior citizens. When you are in the process of purchasing a property, always ask about any additional perks or incentives that may be available to you.
As a reminder, always check with a certified public accountant (CPA) for any questions regarding your taxes.
If you’re interested in purchasing a home or refinancing your current home, click here to find a Service First branch near you. Our experienced Loan Officers will help you get pre-qualified and can refer you to an experienced real estate partner.