Identifying Errors in Your Property Tax Bill Will Save You a Bundle
Your home may be your most valuable asset, but it can also be a money pit if you don't know what to look out for.
One of the biggest single things that homeowners and renters lose money on every year is property taxes.
The truth is that most residences in America today are over-assessed which leads to unnecessary out-of-pocket expenses every year.
In fact, more than 65,000 different governments assess over eighty million homes annually.
Each of these municipalities has its own protocol and rules for assessment and taxation.
It's an inexact science to say the least.
The American Homeowners Association (AHA) wants to let you in on 5 ways your property tax assessment might be wrong: 1.
Mathematical Error Properties are assessed and data is input by human beings who are prone to error.
An incorrect code entered into a system's database could cause a significant increase to what you owe.
2.
Analysis and Data Interpretation Error When it comes to market assessment, context is just as important as content.
A house's location within a county or geography can make a huge difference in your property taxes.
3.
Faulty Comparisons with Other Properties Let's say you live in a neighborhood of medium sized homes and your neighbor down the street decides to level his two bedroom house.
In it's place, he builds a stone Georgian Brick which squeezes up to his property's boundaries and now has five bedrooms.
Now, say the assessor calls your neighborhood a blossoming market with much growth potential.
Based in his assessment of this huge house, your own property taxes can jump significantly.
4.
Mistakes in Assigning a Property to a Geographical Taxing Unit As mentioned before, a house's location can make a large difference in how much it is assessed for.
Your property could be assigned to the wrong geographical category which costs you money.
5.
Incorrect Facts about Individual Properties Such facts include the property's physical parameters, number of bedrooms and bathrooms, heated living space as well as how much viable land you actually have.
Various manuals show homeowners exactly how to fill out the various forms and how to present the needed data.
One of the biggest single things that homeowners and renters lose money on every year is property taxes.
The truth is that most residences in America today are over-assessed which leads to unnecessary out-of-pocket expenses every year.
In fact, more than 65,000 different governments assess over eighty million homes annually.
Each of these municipalities has its own protocol and rules for assessment and taxation.
It's an inexact science to say the least.
The American Homeowners Association (AHA) wants to let you in on 5 ways your property tax assessment might be wrong: 1.
Mathematical Error Properties are assessed and data is input by human beings who are prone to error.
An incorrect code entered into a system's database could cause a significant increase to what you owe.
2.
Analysis and Data Interpretation Error When it comes to market assessment, context is just as important as content.
A house's location within a county or geography can make a huge difference in your property taxes.
3.
Faulty Comparisons with Other Properties Let's say you live in a neighborhood of medium sized homes and your neighbor down the street decides to level his two bedroom house.
In it's place, he builds a stone Georgian Brick which squeezes up to his property's boundaries and now has five bedrooms.
Now, say the assessor calls your neighborhood a blossoming market with much growth potential.
Based in his assessment of this huge house, your own property taxes can jump significantly.
4.
Mistakes in Assigning a Property to a Geographical Taxing Unit As mentioned before, a house's location can make a large difference in how much it is assessed for.
Your property could be assigned to the wrong geographical category which costs you money.
5.
Incorrect Facts about Individual Properties Such facts include the property's physical parameters, number of bedrooms and bathrooms, heated living space as well as how much viable land you actually have.
Various manuals show homeowners exactly how to fill out the various forms and how to present the needed data.
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