Property: Tax Reduction and Understanding the Tax Bill

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Property: Tax Reduction and Understanding the Tax Bill

by: JeffreyMaseko | Total views: 2 | Word Count: 427 | View PDF | Print View
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With tax reduction, for low income homeowners owners, the county treasure's office or an online source can supply you with a hardship application. You need to have proof of ownership, income documents, identification and proof of residency. You can also receive information on challenging your property tax increase, obtaining more time to pay, how to obtain relief from property taxes in the future and find information from company's that offer low income financial assistance.

If your home is assessed at $100,000 and you need a new roof, which includes trusses and some structural preservation that is going to cost $50,000, then you might think the assessed value of your property is over exaggerated. If this has happened to you, you can seek a property tax lawyer or a consultant to give you some advice on the appeals process. You do not want to pay taxes on a property that is half of the assessed value than what it should be at this specific time. If you wait until the next year, it may be to late to have anything done.

Assessed value does not take into consideration bad roofs, cracking interior walls, bad foundations, windows that are falling apart or anything else wrong with the house. They also do not see if you have done any repairs or behind the scenes remodeling so to say. All the assessor sees is the outside of the property. If you know your assessed value is outrageous because of deteriorating conditions, you can appeal the property tax assessed value. You would do this to have the assessed value of the home lowered, thus reducing your overall tax liability.

At this time, you have no recourse to recoup any of that money. It is better to check the bill and decide if you feel comfortable about the new assessed value of your property.

Understanding your property tax bill

Fair cash value is what property can be sold for between two parties without any duress. The assessed value of the property is what the city or county deems a fair assessment of what the property is worth. This is figured out by comparing your property to similar properties in the same area that have sold recently.

For those who have a lottery, you will see a section where it states that you are receiving a lottery credit, which will lower your total property tax due. Everyone in the county receives a lottery credit and that is why the credits are usually very small in amounts. The lottery credit will affect your total tax due and not the tax base.
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