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Are you paying too much property tax?
Top 17 Metropolitan
Areas with Home
Price Depreciation

Fourth quarter 2007

Metro Area        Rank      4th Qtr

Miami
Phoenix
Las Vegas
San Diego
Los Angeles
Detroit
Tampa
San Francisco
Wash. D.C.
Minneapolis
Cleveland
New York, NY
Chicago
Denver
Atlanta
Boston
Dallas

Source: Standard & Poor’s/Case-Shiller
For taxpayers who may be
experiencing difficulty in
paying their property taxes,
there may be help.  Most cities
in the United States have
Property Tax Poverty
Exemption Policies and
Guidelines. read more
1
2
2
3
4
5
6
7
8
9
10
11
12
12
13
13
14
17.5%
15.3%
15.3%
15.0%
13.7%
13.6%
13.3%
10.8%
9.4%
8.0%
6.3%
5.6%
4.5%
4.5%
3.4%
3.4%
2.4%

State property tax systems typically follow one of two ideas:

  • that all property, without enumeration, is taxable unless
    specifically exempt or
  • that only such classes of property as are specifically enumerated
    are taxable.

In virtually every state, the property tax follows a market-value based
system under which property is taxed on the basis of its fair market
value. The concept is commonly understood to represent the price the
property would bring at a fair, voluntary sale. In other words, the value
at which the property would change hands between a willing buyer and
a willing seller, neither being under any obligation to buy or sell and
both having reasonable knowledge of relevant facts.




The extent to which a given parcel or item of property is subject to
taxation is generally dependent on several issues. The first is whether
the property constitutes real property, tangible personal
property, or intangible property. Next is who owns the property and to
what use the property is put, because that ownership and/or usage may
dictate that the property is entitled to full or partial exemption from
taxation.

State definitions of "real property" generally include land, any
improvements permanently attached to the land, as well as all rights and
benefits from ownership of any lifetime or greater interests in such land
improvements. "Personal property" is generally defined by way of
exclusion, with all property other than that falling within the definition of
real property being considered personal property.
Income tax versus property tax

Like many American’s last month I went and visited my accountant to
prepare and file a federal tax return. Many thoughts raced through my
mind on how to spend my newly found fortune, new clothes, a well-
deserved night out or possibly pay down the credit card. Although all of
them sounded appealing, like many of us I used my tax return to pay my
property tax bill. This is a common way for many; use our tax return to
pay our property tax.

This vicious cycle has been played out every spring since I became a
homeowner. It was not until last year that I thought about all of the
planning and preparation that went in to my federal taxes only to glance
at my property tax bill and write a check without read more
Free property tax
valuation. Are you
paying too much? Let
one of our Property Tax
Experts give prepare
for you a
no obligation report.....
LowTAXRATE.com
The National Taxpayers Union estimates that as much as 60% of
taxable property in the United States is over assessed. However,only 5%
of homeowners protest their assessments. Most people are unsure of
the process to lower their taxes or have never known anyone that has.
This site hopes to give help through information contained here or
through our network of "Property Tax Experts" to help you pay your fair
share of property tax.

Mistakes can often be a reason why a taxing authority values your home
for more than the current market would allow. Obvious mistakes aren't
difficult to spot. Is the square footage figure correct? Does the
assessment say your home has four bedrooms when it only has three?
Property description and information with your assessor should be
reviewed for errors.

More importantly with this downturn in the housing market mainly in the
United States, home values are declining and for many who purchased
their home when the values were at their peak, you may find a greater
impact.

Each year we file a personal tax return to assess how much income tax
we owe, why is this not the case with property taxes? Did you know many
of us pay more annually in property tax than income tax, yet ignore
assessing our property tax bills. Just like with income taxes, there are
deductions and credits we can take advantage of, and the tax rate is
based off the value of your home. If you made $100,000 in income last
year and $80,000 this year you would expect to pay less tax. If your
home was worth $100,000 last year now its worth $80,000 would you
pay less in property tax or continue to pay too much tax.
Highest Tax
Rate States
New Jersey

Connecticut

New Hampshire
New York

Wyoming

Vermont

Delaware

see more
Are you eligible
for a property
tax refund?

Most Americans are!

Find out here