You Don’t Need To Move To Reduce Your Property Taxes

Accumulated property taxes are a heavy burden for homeowners. First-time owners have little idea about property taxation and are often caught unprepared. 

If you have just bought a new house, we encourage you to prepare for what’s ahead of you. This can be an easy solution if you already have a house with precious memories but a growing tax issue.

Selling off your property and moving to another home is not only emotionally draining but expensive as well. Fortunately, there are ways to reduce your property taxes without moving to a different home or area.

Property Taxes

Two factors determine taxes: your area’s tax rates and your property’s assessment by your city or county. Both of these combined make up your overall property taxes.

Remember that you pay taxes and mortgages to keep your property debt-free. To continue living the life you want, you need to be able to afford both in due course. Many people suffer from excessive taxes that they cannot pay. 

This may lead to property foreclosure or financial penalties, so you must pay your taxes. While you cannot influence your area’s tax rates, you can make a dent in your property taxes by doing an assessment of your home yourself. 

Assessed Value Of Property

In this case, the local government, your city, or your county assesses your property. They ascertain the potential value of your property, and you have to pay taxes corresponding to that property’s assessed value. 

It is possible that the local government overestimated the value of your property. The higher it’s valued, the more taxes you have to pay. This is where you can appeal your property’s assessed value to make a case that your tax bills are unjustly inflated.

Appealing Your Property’s Assessed Value

Before you appeal your property’s assessed value, make sure you consult with an appraiser. The government requires proof of your claim that your property is less valuable than what they have estimated.

It might be possible that the government has been lenient and assigned a lower value to your property. If you appeal without knowing the actual value, you might give the local government evidence to increase your tax bills.

An appraiser would cost anywhere between $250 to $500 and provide a report on the value of your property. You can then learn about the appeal process in your area and make the appeal yourself.

You can also invest in a lawyer to make the formal appeal. However, the appeals are easy to make, and the process is relatively quick. If you have an official appraisal of your property and evidence that properties in your area are sold and bought at that price, your tax bills can be revised.