8 Steps To Reduce Property Taxes
As the
sluggish economy drags on, county boards everywhere are looking for ways to
replace lost income–re-assessments of residential real estate taxes is just one
of those ways. Sometimes it's fair, other times it avoids belt-tightening. If
your property taxes have been raised and you feel it's unfair, here is how to
prepare to meet your assessor for a review to lower them:
1. Look for
reporting mistakes. Examine the assessor's entire property description. Note
discrepancies and document them with blueprints, surveys, photos or other
inspection reports.
2. Compare
neighborhood assessments. Are other homes in your neighborhood assessed similar
to yours? Check the web first; some counties post assessments online.
3. Compare
current sales. Talk to a local real estate agent (if you need a referral, I'm
glad to help) and get a report of comparables sold within the last 6 months.
Sold homes count, listings don't.
4. Take
pictures. Document where your home needs repair compared to other homes in
better shape in your neighborhood.
5. Get a new
appraisal. If your home is unusual or hard to "comp" this is the one
time it can work in your favor. If you recently refinanced and the value is
lower, use that report instead.
6. Get your
contract. If your taxes increased soon after you purchased, values probably
haven't changed that much. Document with your purchase agreement.
7. Are you
exempt? There are many special exemptions: homestead, mortgage, senior
citizens, veterans, disabled persons, and even energy-efficiency. Check with
your county and check them all.
8. Prepare
your case. In writing, briefly and professionally describe why you are entitled
to the reduction, followed by documentation of your reasons. Make sure you have
any required forms completed and know all deadlines for your appeal.
Contact Terry To Buy or Sell Your Home at 719-590-4796.
Visit our website at www.TerrySellsColoradoSprings.com
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