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4 Actionable Tips On How You Can Lower Your Property Taxes

4 Actionable Tips On How You Can Lower Your Property Taxes

The value of real estate properties have been increasing again and as a result, the assessments on properties are also increasing. As a result, property taxes are also on the rise. High property taxes is not one of the best benefits of owning a home, so homeowners are constantly finding ways to make it appear that their house does not deserve a high assessment value.

There are various ways that you can do to ensure that you would pay a lower property tax, no matter where you are.

1. Present an Unpresentable House

This might sound like a weird advice, but if you are planning on improving your home, it should be done after the assessment for the improvement of your house might have the assessor believe that these improvements have added value to your house.

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Moreover, your property is being assessed based on your neighborhood and if you are living in a house that is considerably better than the other homes located in your area, your property would have a higher assessed value.

Remember that you are trying to reduce the assessed value and not the actual property tax, since your tax rate will be computed based on the assessed value. If you haven’t found a home yet, it might be better to begin your quest with properties that are sold below market value since they would equate to lower property taxes. One site that specializes in finding properties nationwide that are below market value is assetcolumn.com.

2. Request for the Property Tax Card and Review it

The property tax card is held by your local assessor’s office and it contains the essential information that has been gathered on your property. It holds data on the size of the property, the number of rooms and its corresponding dimension, and any material fixtures and improvements done on the home.

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However, homeowner’s do not take advantage of this informational device that probably holds discrepancies that can allow them to apply for re-assessment. No matter how small the mistake is, it is still the duty of the local assessor to correct them and to charge you for the right amount of property tax.

3. Investigate Comparable Assessments

If you want to appeal your property tax, it is better if you back up you case with concrete evidence. Your case will be easier to attend to since you have proof of your argument. All you would need to do is submit photos of comparable homes around your area that were sold recently and the details about the sales. If you are trying to sell your house, you can also submit a copy of the offers you have received on your home as proof of your appeal. If your appeal is based on your gut feel, it is highly likely that it will be ignored. However, if you present an appeal with complete documentations and written support, the re-evaluation would most likely be granted.

One way to find out about the possible offer that I can receive on my property is by using needtosellmyhousefast.com. I have tried using it myself and they called me almost immediately with a direct offer.

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4. Know the Assessment Process

The assessment process begins with the sending out of assessment notice. Since the homeowner would be notified of the arrival of the assessor, it is the homeowner’s duty to be present during assessment so they can point out the problem areas of the home.  If the assessor goes about the assessment on their own, it is more than likely that they will focus on the things that can increase the assessment of the house.

The notice would also carry details on who to discuss their issues with if they complaints, the process on how to make an appeal, and the allowed time to make an appeal. These details can vary per state so you have to be more careful when it comes to reading the assessment notice. According to Vera Gibbons, “You will also be given a specific time frame in which to make your case. Take note because while in some areas you may have a full six weeks to appeal (from the time you receive the assessment in the mail), in other areas, you’ll have as little as two weeks.

Moreover, once an appeal has been granted, it is important that you know the process and present your evidence in a professional manner. It is essential that you show the assessor that you know what you are talking about and you have done thorough research on the matter.

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Finally, when arguing for a lower tax rate, it is vital that you have all the details regarding your argument since the only way to get better results is by having evidence that rest on cold hard facts. The government needs money and they get money from taxes, but it does not always mean that they do not allow the taxpayer to correct their tax rate. Several homeowners have overpriced taxes because they assume their property taxes are final, but if you know the process, you will realize that are capable of changing the amount you pay if you have done sufficient research on the topic.

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Abhay Jeet Mishra

Writer at Lifehack & Enterested.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

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