All types of real estate property are directly levied with a property tax. This type of tax can instill some fear on a lot of property owners because it tends to rise steadily over a specified period. For most people, they acquire their property through a mortgage. An additional charge that increases over time is an added financial burden on their part. The tendency of property taxes to rise over time should not be a cause for worry if you can do something about the impact of high property taxes. Here are some useful tips for you to minimize the impact of these taxes.
Lie low on making your property more attractive
Property tax is levied on the value of the property as assessed by the tax assessor. Many factors are taken in to determine the value of a property. These factors include the overall attractiveness of the house, the general vicinity, and comparison with neighboring homes. For the assessed value of your property to remain reasonable, stay away from making fancy surface improvements as such alterations can make your house look too appealing.
Stay away from structural changes
The most practical way of avoiding high property taxes is to stay away from house renovations like adding a floor above your roof, increasing the size of your house, or building a balcony. The tax assessor often includes these structural additions in their evaluation, and they are the reason why you will be paying higher property taxes.
Examine your property tax card
A tax card is a document that provides comprehensive information about the property you own such as the exact dimensions of each room, the size of the plot, and the type and number of fixtures found within the house. Information on any additional structures is also included. You can get this card from your local tax office. Make sure to check for discrepancies in the mentioned information. You can raise a complaint to the tax assessor if you find errors. Doing this guarantees that you will not be paying any extra tax because of improper information.
Compare to confirm proper assessment value
Most of the time, you can also get comprehensive information about the house of your neighbors from your local tax office. If you feel like you are getting an unfair assessment for your property, you can look through the assessed value and property specification of other houses in your neighborhood. There are instances when identical properties have different assessment values. If you think that this is the case with your property, you can report this issue to the tax assessor.
Be with the tax assessor
The majority of property owners leave the tax assessor on their own to assess their entire property. Doing so is not the smartest move that you will make. Sometimes, the assessor might overlook some problems of the house, giving you an unfairly high assessed value. If you want to avoid this situation, you should be with the tax assessor during their visit. Give them a clear picture of your property and, if necessary, point out aspects of your house that they may not notice. All these things can lower the assessed value of your property by helping the assessor be more objective.