Friday, February 24, 2012

Tips to Lower the Price of Your Property Tax

For anyone struggling to make their monthly mortgage payments, saving money on other bills can be crucial when it comes to keeping their homes. One very common, yet fairly unknown way to achieve that savings is by lowering your property tax.

Property taxes are often set at a fixed amount when the property is purchased; however social, economic and environmental changes in the neighborhood can cause the taxes to fluctuate.  In order to see that change reflected in your property tax payment, homeowners must file an appeal with their state.

The following are some tips to help you through the tax appeal process:

1. Keep your payments up-to-date.
Before even beginning the process make sure you check that your current property taxes are paid up. Most property tax assessors will not even consider an appeal if the homeowner has past-due payments.

2. File on time.
Most states have strict guidelines for when tax appeals can be filed. Be sure to check your states laws to make sure yours is filed on time, if not the appeal may be thrown out.

3. Be prepared for a battle.
With sweeping budget cuts and rampant downsizing affecting all areas of government, giving up income collected from taxes is the last thing your state wants to do. In other words, be prepared to fight for the fair taxes you deserve and be sure to provide substantial evidence as to why they should be lowered.

4. Appeal the appeal.
If you receive an unfavorable reassessment of your property taxes, it is possible to appeal the review. However, because this process can be somewhat complex, it is really only recommended when the newly appraised value of the property is significantly higher than the fair market amount. 

Even if you’re currently not financially distressed, you may want to consider lowering your property tax anyway. The money you save could be your lifeline in the future. For more information on restructuring your finances and other ways to help you keep your home, please call The Mortgage Law Group today. 

1 comment:

  1. Hi,
    This is the perfect blog for anyone who wants to know about this topic. These tips are very useful. Thanks a lot for sharing this.

    Sell Notes