Would You Like to Lower Your Property Taxes?

Home values have dropped about 30% since their peak in late 2006 — but property taxes across the country have gone up almost 20% from 2005 to 2009.

What are the chances your property taxes are too high?

According to the National Taxpayers Union, close to 60% of the homeowners in the U.S. are paying too much in property taxes.

 

How do you know if your property taxes are too high?

Review your property tax card — your local assessor’s office can provide you a copy. Review the data on the card — does it have the right dimensions? Number of bathrooms? Bedrooms? Improvements? Any discrepancies can provide the basis for your request for an adjustment or re-evaluation.

Check out your neighbors— good comps are one of the most powerful arguments in a property tax appeal — if you can show that recent sales of similar properties (size, condition, age, etc.) demonstrate a lower average value than your home’s current assessed value. Use the multiple-listing service for your area to identify recent transactions — and then go look at the homes in question in person.

What do you do if you want to appeal your assessment?

Contact your local assessor’s office — the process may vary a bit from county to county, but the first step is to talk to an assessor about the discrepancies you’ve discovered.

Compile documented support — make sure you have documentation of whatever you are using to make your case, such as copies of recent MLS transactions, photos of your home and comparable homes, copy of your purchase transaction, etc.

 

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Image from The Wall Street Journal|Weekend Investor “How to Lower Your Property Taxes”

 

For more information and resources on lowering your property taxes, see

—       How to Lower Your Property Taxes  (The Wall Street Journal|Weekend Investor)

—       5 Tricks for Lowering Your Property Tax (Investopedia)

—       How to Lower Your Property Taxes (Zillow.com)

—       How Three Homeowners Fought Their Property Tax Bills (Fox Business)

—       If you want lower property tax rates, you’ve got to ask (Reuters Money)
 

 

 

About Audrey Monson, Realtor

I am a full time real estate professional. My team follows my lead and is committed to providing you outstanding service, whether you are buying or selling a home. With over 10 years of real estate experience, I am familiar with the landscape of the real estate industry and am dedicated to making every transaction a smooth process for my clients. My team is widely recognized as the preeminent real estate group in Salt Lake City. Certified as a Luxury Home Marketing Specialist, I am known for thinking outside the box when it comes to marketing properties in a challenging market. I am dedicated to making each and every home I sell stand out and get noticed by qualified buyers no matter what the price point. I work hard to make sure that everyone on my team is up to date on current news and events that affect the real estate market in Utah and nationwide. This includes the distressed property market, short sales and foreclosures. As a Certified Distressed Property Expert (CDPE) and a Short Sale & Foreclosure Resource (SFR), I am up to date and informed on all of the processes and procedures necessary to negotiate a transaction with a third party such as a bank or mortgage insurance company. With this background, I am able to better inform my clients and help them understand their options. I am particularly good at developing quality relationships with my clients...relationships based on respect, integrity and trust as, a member of the Council of Residential Specialist to (CRS), I have also developed and nurtured beneficial relationships with other high achieving agents, lenders, inspectors, contractors and a wide range of professionals to assist in your real estate transactions and beyond. I pride myself on building a solid foundation in our relationship so that I can deliver a successful real estate experience. I make it my business to ensure that you have all of support needed throughout the process. I take the time to listen to your needs. My team and I work tirelessly to facilitate your goals without compromise. I am committed to making you, my client, my #1 priority. Whether you are buying, selling or simply considering a move, I will counsel you and give you solid advice so that you can make your best decision.
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