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Your House Records Might Not Be Correct: 3 Ways This Can Hurt Your Property Taxes!

When you are a property owner, how your home records are listed can truly help or hurt you when time comes for the taxes to be paid. It is very important to make sure that your home records are always up to date and correct in order to save you a HUGE headache down the road.

Are You Overpaying for Your Taxes?

If you are a homeowner and the assessor has listed our home as being valued at one price when it is actually at a lower price, then you might be overpaying for taxes. With the economy in the state that it is in who can afford to pay more taxes than what they owe? You may be struggling to make ends meet, living paycheck to paycheck. The extra money that you have been shelling out for the taxes will come in handy.

What kinds of things could be inaccurate and lead to this?

If property values around your home have gone down in general but yours have remained the same, that could lead to an error resulting in your paying more for taxes than what you should be. If your home or property has been damaged or fallen into ill repair, this might also lead to the same type of error. There are many things that could be erroneous and lead to you having an overpayment of taxes.

Are You Underpaying for Your Taxes?

Just as errors in your house records can lead to you overpaying for taxes, there are some house record errors that can lead to you paying too little for taxes. While the government doesn’t mind when you pay too much, paying too little will catch their attention!

If you have made any recent additions or renovations to your home then there is a possibility that you may be underpaying on your homeowner’s taxes. Anytime anything is done to your home or even your lawn (landscaping, getting a pool, adding a patio or deck, etc.) these things can have a positive impact on the value of your property which means that the taxes will go up.

Will your incorrect house records cause you issues with property taxes when you sell?

In a nutshell… yes. If you have overpaid or underpaid your property taxes and your home is being sold, those tax issues can be the deciding factor of whether or not your home is able to be sold quickly or if it will end up being tied up in red tape for months on end.

The very best thing that you can do in order to make sure that you are paying what you are supposed to be paying is to call the assessor’s office and make an appointment for one to come out and go over the property with you so that they can make an informed appraisal.

Contact O’Connor & Associates today to discuss your property appraisal. We can help you set your property’s records straight.

Blog Author

Patrick O’Connor, MAI, Owner and President
Patrick O’Connor has been active in reducing property taxes, providing expert witness testimony and appraising commercial real estate property since 1983. Pat is active in publishing analyses and data with respect to the real estate market, while being a highly regarded media spokesperson for the real estate community. He holds a MAI, the highest achievable designation from the Appraisal Institute, and is a licensed senior property tax consultant. Pat earned a Master of Business Administration from Harvard University. In 2001, he authored the first definitive consumer guide to Texas property taxes, Cut Your Texas Property Taxes.

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