It doesn’t matter which state you currently live in; property taxes are something that simply cannot be avoided. It is estimated that the typical property owner pays an average of 1.4 percent of the value of their home in property taxes. If you are not sure how much you are paying in property taxes, there are many tools and sites available online that can help you determine the amount of taxes applied to your home, states Dean Graziosi.
Determining how property taxes are determined in your area may not be so simple. There is not a standard formula that is used by every state to determine the taxable amount for property. This means that homeowners may find it difficult to calculate and understand how their taxes are determined. The more that you understand the process in your particular area, the easier it will be for you to notice when something doesn’t appear right. When that happens, you have the right to appeal the amount within 60 days of the assessment performed by your local assessor’s office. This period of time may vary from state to state; it is recommended that you find out from your local assessor’s office how long you have to file any appeals.
As a homeowner you have the ability to request a copy of your property card from the assessor’s office in your county. In some states, this information can also be obtained online. Once you have the document in hand, you can then look it over and ensure that the information is correct. If you notice there are any errors related to the size of your lot, rooms, or garage space you should contact the assessor’s office at once. This can help change the amount of property taxes you are charged each year.
It is common for many counties to assess home values on a one to three year cycle. This means that as the real estate market improves or declines, your home value may not reflect these changes. If the property values in your neighborhood have dropped significantly since the last time they were assessed, this could cause you to pay more in taxes than you should.
To determine if your home value is at the proper rate, you can look at homes that have recently sold in your area. To do this you will need to find homes that are similar to yours in size, location and amenities; once you have at least five home to compare, you should be able to determine if your home is properly valued for the neighborhood. If you find that there is at least a five to ten percent difference, you may be able to file a successful appeal.