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Tips for Property Tax Reduction

As a property owner, you may have become bewildered with escalating property taxes. Last year you paid a reasonable amount in property taxes, but this year the rates are through the roof. Is everything hunky-dory, or is it not? Without a shadow of a doubt, your concerns are justified, and many property owners are also in the same boat.

Take a deep breath and think of what can be done. For starters, read this article on property tax reduction.

Familiarize

Before starting you must have a clear picture on taxation. Property taxes are levied on eligible citizens whom the federal government assume to be the source of money for expenses in the upcoming year. The officials-in-charge channel all the pouring money to public developments for transportation, park facilities, etc., that tax payers consume.

Prepare

Like a boxer gearing up for a fight, it’s important to train for the tax battles you’re going to face off. First, brainstorm in advance and dig for information on property tax reduction techniques. Jot down the possible ways to ease property tax burden and search for updated resources on your local tax methods. Keep it in mind that taxing policies vary from one county to another.

Collect Key Resources

After conducting general research, start with finding solid proof for any tweaks made in your property specs. Generally, In order to do so, you have to obtain a copy of your property details either online or from tax assessor’s office. Next, list out the things that are missing out or wrongly keyed in. From here you will provide the false information found to the tax assessors. Allow the tax assessors to review the information. If they still stand their ground, don’t fret; stick to your guns and apply for a property reassessment appeal.

Take a Look Outside

Ponder over what matters can be put up further to score a hit with your plea. Just look out of your window and see the changes happening around you. You may see a new railway track or highway being laid. The area you live in may soon set the tone for industrial development. Such changes are not always desirable for the real estate market, which can possibly lower your property value. This, in turn, paves the way for property tax reduction if you are able to pin-point these improvements to the hearing panel.

Property Oddities

When moving about your property does something about the layout not feel right? For instance, maybe there’s a small room, such as a study, that is blocking direct access to your master bedroom which causes a further step to access the room.  While this may seem minuscule, everything matters when you are selling a property. What if a prospective buyer walks away discontented with the way your property has been built? This brings down your property value and you can expect property tax reduction after a favorable court order.

Local Comparisons

Birds of a feather flock together. Likewise, properties with similar age and design will suffer similar property tax fluctuations. It’s wise of you to research properties on your block on their tax estimates in accordance with their layout. If you discover a property that’s taxed far less than your own, then bring this up to your magistrate to keep increasing property taxes at bay.

Hire an Appraiser

If you are skeptical about the real value of your property contact an appraiser to draw up a standard report of your property. Don’t fall for firms offering exceptional and free services. You may end up paying a hefty amount that swoops up your tax gains later. Also, tax assessors shove off such kind of precarious assessments. It is better to sign up with a professional appraiser.

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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O’Connor is the largest property tax consulting firm in the U.S. Our licensed tax consultants and administrative support team benefits home and property owners by reducing property tax assessments, filing personal property renditions, reviewing tax statements, protesting over-assessed property values, and attending informal tax hearings and appraisal review board meetings.

 

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