Property Tax Experts
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March 16, 2008...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
question or a second thought.
After utilizing many available tax deductions
and credits many may find that the amount of
federal taxes paid is less than the amount of
their annual property tax.
When we examine our local property tax the
same concepts apply as federal tax, however
we rarely take notice. For example most
municipalities allow for tax deductions and
credits to offset the amount of property tax
due. Many states give you a lower tax rate
just for owning the home as your primary
residence, being a veteran, or if you are over
65 years of age to name a few.
While these credits and deductions are
important to take note of the more important
issue is what your local government has
valued your home at. This can often make
the most impact to taxpayers. Known as your
assessed value, this is what is used to
multiply your local tax rates in order to arrive
at the amount of property tax you will owe for
the year. This can be one of the most
overlooked aspects to homeowners,
especially as of late in this current housing
meltdown.
It is first important to find what your local
assessor has for a property description of
your home as mistakes often occur. Verify
the square footage, the number of bedrooms
and other data on your property record card
is correct. Most assessors never look at your
home, rather employ mass appraisal systems
and rely on public record information to
assess your homes value.
Why are we entrusting our local taxing
authority to tell us our homes value?
According to the Tax Foundation over 60% of
homes in America are over assessed. More
than half of us are paying too much property
tax. All areas do allow taxpayers to dispute
their annual assessment while less than 5%
take corrective action. Maybe the IRS should
take note of our local taxing authorities and
make certain assumptions about everyone’s
annual income, I would imagine a few more
than 5% would disagree with the figure they
propose.
The bottom line is we need to take notice of
our own property taxes just as closely as we
do our federal income tax filings. In this
current housing market where a 10%
reduction in home value could equal $500 in
tax savings it is up to each taxpayer to
assess their own assessment.
The website www.LowTaxRate.com is a free
resource for taxpayers to better understand
their property tax, tax assessments and
offers help to dispute inflated tax
assessments. It is important that we all make
certain we are paying our fair share of tax.
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
question or a second thought.
After utilizing many available tax deductions
and credits many may find that the amount of
federal taxes paid is less than the amount of
their annual property tax.
When we examine our local property tax the
same concepts apply as federal tax, however
we rarely take notice. For example most
municipalities allow for tax deductions and
credits to offset the amount of property tax
due. Many states give you a lower tax rate
just for owning the home as your primary
residence, being a veteran, or if you are over
65 years of age to name a few.
While these credits and deductions are
important to take note of the more important
issue is what your local government has
valued your home at. This can often make
the most impact to taxpayers. Known as your
assessed value, this is what is used to
multiply your local tax rates in order to arrive
at the amount of property tax you will owe for
the year. This can be one of the most
overlooked aspects to homeowners,
especially as of late in this current housing
meltdown.
It is first important to find what your local
assessor has for a property description of
your home as mistakes often occur. Verify
the square footage, the number of bedrooms
and other data on your property record card
is correct. Most assessors never look at your
home, rather employ mass appraisal systems
and rely on public record information to
assess your homes value.
Why are we entrusting our local taxing
authority to tell us our homes value?
According to the Tax Foundation over 60% of
homes in America are over assessed. More
than half of us are paying too much property
tax. All areas do allow taxpayers to dispute
their annual assessment while less than 5%
take corrective action. Maybe the IRS should
take note of our local taxing authorities and
make certain assumptions about everyone’s
annual income, I would imagine a few more
than 5% would disagree with the figure they
propose.
The bottom line is we need to take notice of
our own property taxes just as closely as we
do our federal income tax filings. In this
current housing market where a 10%
reduction in home value could equal $500 in
tax savings it is up to each taxpayer to
assess their own assessment.
The website www.LowTaxRate.com is a free
resource for taxpayers to better understand
their property tax, tax assessments and
offers help to dispute inflated tax
assessments. It is important that we all make
certain we are paying our fair share of tax.
We Ignore our Property Tax but
hire professionals to handle our
Income Tax every year.
hire professionals to handle our
Income Tax every year.
With America in a housing market never
before seen it is important that we make
sure our homes are valued properly.
before seen it is important that we make
sure our homes are valued properly.
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National network of real estate
professionals aim to bring
awareness to residential
property taxes.
professionals aim to bring
awareness to residential
property taxes.
April 22, 2008: The recent downturn in the
housing market has created a discrepancy
with a properties actual market value and its
assessed taxable value. In response to this
market condition Property Tax Experts was
formed to provide a resource of information
and advice to homeowners.
It is estimated that over 60% of homes in
America are over assessed and as home
values continue to drop that figure will grow.
Property Tax Experts growth is based on the
experience of its affiliated real estate
professional base. Most have over 10 years
experience and all are licensed and
regulated by a state agency. This experience
and market knowledge is important to
homeowners when evaluating and disputing
an assessment value.
The organizations founder, Ryan Richmond
commented, “ commercial property managers
have their assessment values analyzed every
year to keep costs down and ensure the they
are paying their fair share of tax. Residential
property owners rarely take notice of their
assessment and with the housing market
appreciating for so long it was never a
consideration.”
The company and its flagship website,
LowTaxRate.com were created to help
owners react to the never before seen
decline in the market and ensure a checks
and balance system with the taxpayer and
the tax man.
LowTaxRate.com offers information for
homeowners to go at it alone with their
assessment appeal or several counties have
“Property Tax Experts” to assist with the
dispute process. As the process can
sometimes be complicated the company will
give a free opinion of a homes taxable value
and recommend or advise against a tax
assessment appeal.
housing market has created a discrepancy
with a properties actual market value and its
assessed taxable value. In response to this
market condition Property Tax Experts was
formed to provide a resource of information
and advice to homeowners.
It is estimated that over 60% of homes in
America are over assessed and as home
values continue to drop that figure will grow.
Property Tax Experts growth is based on the
experience of its affiliated real estate
professional base. Most have over 10 years
experience and all are licensed and
regulated by a state agency. This experience
and market knowledge is important to
homeowners when evaluating and disputing
an assessment value.
The organizations founder, Ryan Richmond
commented, “ commercial property managers
have their assessment values analyzed every
year to keep costs down and ensure the they
are paying their fair share of tax. Residential
property owners rarely take notice of their
assessment and with the housing market
appreciating for so long it was never a
consideration.”
The company and its flagship website,
LowTaxRate.com were created to help
owners react to the never before seen
decline in the market and ensure a checks
and balance system with the taxpayer and
the tax man.
LowTaxRate.com offers information for
homeowners to go at it alone with their
assessment appeal or several counties have
“Property Tax Experts” to assist with the
dispute process. As the process can
sometimes be complicated the company will
give a free opinion of a homes taxable value
and recommend or advise against a tax
assessment appeal.
Taxable values may not reflect current
housing values leaving many to pay too
much tax.
housing values leaving many to pay too
much tax.
