Friday, April 16, 2010

Tips On Cutting Your Property Taxes

Every homeowner is required to pay property taxes, and on top of the other expenses that come along with owing a home, it can be a strain on the budget in these tough times. However, there are some ways you can cut your property tax bill, one top tip is having a propery reassessment.

Homeowner's property taxes are typically calculated based on an official assessment of the property. Because the value of many home's have dropped in the last few years, homeowners can challenge what the value of the home is currently valued at and thus reduce the tax bill by hundreds of dollars. Even before you seek an assessment, it is a good idea to check your records to make sure there are no mistakes. Simple typos and incorrect information can cause homeowners to be.

With the current economic crisis, many counties are raising property taxes in an attempt to balance their fiscal budgets and reduce their deficits. According to a survey by the National Association of Counties, a group that represents county taxes, about 18% of counties whose fiscal year begins between January and June increased property taxes to address revenue shortfalls.

Whether you are planning to sell your home in the near future or are planning to stay for a few more years, it is worth trying to get a reassessment. Keep in mind that if you can reduce your taxes, it will be a great selling tool.