Are your property taxes higher than they should be? – St George News
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CHARACTERISTIC –If you own a home, you are liable for property taxes levied on your property. The taxes levied on your property pay your share of the costs of local schools, government, and several other local and other programs. The biggest mistake many homeowners make is overpaying these taxes.
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You have rights and can only pay your fair share of the assessed taxes. Options are available to you to ensure that your home is valued fairly. However, you don’t have to pay too much to meet your civic duty by paying taxes. There are several things you can do to lower your taxes and keep the cost of owning a home down.
The most important thing is a fair and accurate appraisal of the value of your home. Every year (or every three years) the county tax officer will assess the value of your home and any new improvements made to it.
The tax agent also takes into account the “fair market value” of all houses sold (also known as comparison properties) in your area and the replacement costs of your house. As soon as the tax agent determines your property value, liability can be determined. Schools, parishes, counties, and special tax districts determine your actual taxes.
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The notices of the tax districts are not contestable. The tax agent has a margin of appreciation and discretion in the valuation of each property. The evaluation should be fair and you have the right to complain and argue with this evaluation. If you can successfully campaign for a lower rating, your tax liability will decrease.
The easiest way to lower your rating is to speak to the person who determines your home value. Information you can provide about similar property valuations in your area will help support your argument. Most accountants will allow you to discuss the valuation of your home and will usually negotiate those values on a factual basis.
Many states allow a Homestead Exemption Act to be filed to lower the value of your home. This filing protects the legal state limit of the Homestead Act and reduces the value of your home by that amount. The depreciation of your home reduces the total tax burden on your property taxes.
Many counties in this country allow tax exemptions for senior citizens. This exemption is based on the total income of the resident. Each state or county has its own rules and exceptions, so you should check with your local tax officer.
Many loans guaranteed by the Federal Housing Administration require an insurance payment based on the age of the loan and the value of the loan. Often the invoice amount is too high and can be reduced at certain times; This insurance is no longer required and can be removed. Contact your local mortgage services company for specific information.
The most important thing to remember is that you have rights and can argue for those rights. Most homeowners who apply for a home valuation revaluation will receive a benefit adjustment.
Always pay your fair share, that is, never pay more than you owe.
Copyright © Lyle Boss, all rights reserved.
Lyle Boss is a member of Syndicated Columnists, a national organization committed to a completely transparent approach to money management. As an asset protection instructor, he has helped thousands of seniors find their financial retirement options. Its clients include government employees, teachers, doctors, farmers and business people, to name a few. Boss has been actively teaching advanced estate planning and asset preservation for more than 20 years in locations like the University of Utah and in over 200 Senior Retirement Consumer Education Workshops throughout Utah, Idaho, and Wyoming. Boss and his wife Deanna live in South Ogden and St. George, Utah.