Home values are increasing, which may result in additional property tax bills. So get ready to reduce your property taxes right away.

Your home value

Typically, property taxes are behind the market. Your home’s value decreases in challenging times, but the property tax takes time to reflect this decline. Conversely, property prices increase under difficult times, and more significant property taxes are unavoidable.

Even worse, you may only write off up to $10,000 in taxes on your federal tax return these days. That sum includes all taxes, including state income, property, and sales taxes. Here are some ideas to ease the cost of your property taxes.

Prepare for an appraisal asessment

It would be best to contest the property’s assessed value as soon as you receive the notice of value. Sadly, the majority of us show up unprepared for these meetings. Here are some suggestions for successfully lowering the appraised value of your house.

• Make an effort to comprehend the approval procedure for having your property revalued. Usually, the description is on your property tax statement.
• Recognize the deadlines and follow them. Most taxing agencies on real estate have strict deadlines. If you miss a deadline by one day, it’s game over.
• BEFORE you phone your assessor, do some research:
  • Analyze the state of repair that your property may be in comparison to nearby comparable properties by speaking with your neighbors.
  • Make a couple of calls to real estate experts. Inform them that you want a market analysis of your property. Choose a professional who will show you comparable sales for your neighborhood rather than overstating the value of your house to obtain a listing.
  • To support a lower valuation, discover similar transactions nearby.
• Look at your home’s property categorization in the in-depth description. Errors in this code frequently overstate your home’s value. For instance, the property’s appraised value can still be based on a non-owner-occupied rental classification if you reside in a condo that was converted from an apartment. With this knowledge in hand, approach the assessor and ask them to explain the rationale behind the appraisal.
• Request an assessment of your property. Based on your study, frame your request for a review. Avoid getting caught in the assessor’s trap by contesting your review request before you have all the details about your home. Instead, bring a definite value to the assessment. Since assessors are often familiar with illogical arguments, they frequently accept a sensible approach.

Reduce your property taxes

Remember that these taxing authorities are under pressure while you go through this process. This knowledge can help you moderate your viewpoint and improve your chances of getting your point across. Contact our RRBB accountants and advisors if you have any questions or need further guidance.