Most homeowners pay a lot of property taxes. Property taxes cannot be avoided but there are a few tricks that can help you see a lower amount on your property tax bill. Before we dive into the tricks, let us begin with understanding the property tax bill.
UNDERSTANDING THE PROPERTY TAX BILL & HOW IT IS CALCULATEDMost homeowners feel their property taxes are too high. But it is important to understand how the local government has reached that number on the bill. Many homeowners are not aware of how property taxes are calculated. There are two important aspects involved when it comes to calculating the property tax bill, tax rate and the market value of the property. The tax rates are based on state law. Some states change them annually and some every five years. Local governments set up the tax rates as well and this is known as the mill rate. The market value is determined by an assessor who is hired by the local government. The assessor determines the market value for a property by either visiting the property or completing the assessment remotely with a certified software. The tax office then multiplies the tax rate with the assessed value. Here is an example of how the property tax bill is calculated. Let us imagine your home is being assessed at $300,000 and the tax rate is 1%. Your tax bill will be $3,000. In simple terms, the higher the assessed value, the higher the tax bill. TRICKS TO LOWER YOUR PROPERTY TAX BILL
APPEAL YOUR PROPERTY TAX BILLEven after doing all that you can and not being able to see things happen your way, not to worry. A property tax appeal is another way. Balancing the desire to own a beautiful house and pay less tax can be difficult. But a few things, as mentioned above, can help you reduce your property tax burden. Just a little extra effort can help you reduce your taxes.
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June 2022
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