The One Homeownership Expense That Is Rarely Mentioned Or Disputed

Owning a home is definitely a costly affair, as property taxes can be extremely onerous. Annual property tax bills tend to increase steadily over time and that is the reason behind paying the large amount paid in property taxes. Taxes keep coming even after the mortgage is paid off, making it an endless expense. Most homeowners end up paying more at the end of the day and don’t even understand how their property tax is calculated! Most homeowners take their tax assessment at face value and the sad reality is that your property may be overvalued! Now, it’s really important to know how property taxes are calculated so you can take the necessary steps to save your hard-earned money without paying a dollar more than you should.

Step 1: Know the process: The local government of your province/state will send a notice within the first months of the year, although the schedule may vary. You will receive a specific contact number with the notice, which outlines the steps necessary to dispute your assessment, usually by phone, email, or fax. There you can get all the details related to filing an appeal within a specific timeframe during which you can contest or file a case. This time frame varies in different provinces/states, so make sure you arrive on time. In some provinces/states, the term is 2 weeks, while in others it can be up to six weeks or 90 days. However, the only thing you need to consider is the closing time of the appeal window. This should not be missed under any circumstances, as it could seriously impair your ability to appeal the property assessment or tax.

Step 2: Learn the details of your property assessment: Request your property tax card and review it. The property tax card always comes with the assessment notice and the best part is that most jurisdictions allow you to access it online. You can also request a copy of the property tax card from the local property assessment agency.

The property card includes information used by the appraiser to determine the appraised value of your home, such as; the size of your property, the number of bedrooms and bathrooms along with the lot dimensions, information on the main structure, access, secondary buildings (such as a garage), etc.

It is really important to check the card very carefully and if you find any errors in the assessment you should apply for a change immediately and appeal the property assessment before the deadline. At the end of the day, it’s your hard-earned money and you don’t want to waste it for no reason.

Step 3: Get the advice of a professional: It is a very obvious fact once you enter the world of appraisal that you will not know everything about property appraisal and that is the reason why it is very important to have the help of a professional who can find all the hidden problems and guide you through a proper channel, so that you can easily avoid paying additional property taxes. Another aspect the professional will bring is knowledge of the area and the ability to find comparable properties, as well as build a case for you in support of a property tax appeal.