How can I lower My property tax bill? - Property Tax Help Specialists
Overview Property tax reduc�on is accomplished by claiming your exemp�ons and property tax appeals / protests. You can protest your property taxes at no cost, with excep�on of a few states with a property tax protest filing fee. Stop paying more than your fair share of property taxes and reduce your property taxes by claiming a homestead exemp�on for your residence and protes�ng your property tax assessment.
Understanding your property tax bill Property taxes = ((Assessor’s value x assessment ratio) – homestead exemption) x property tax rate Assessor’s value should be based on market value. It is referred to as the assessed or appraised value.
Assessment ra�o is the por�on of the assessed value that is taxable. Most states have different levels of assessment for different types of property. Residen�al is typically assessed for less than commercial property. Fourteen states simply have a 100% assessment ra�o for all property; Alaska, California, Connec�cut, Delaware, Florida, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, South Dakota, Texas, Vermont and Washington.
Homestead exemp�ons vary from state to state and by tax en�ty to tax en�ty within a state. The ci�es within large municipal areas like Houston, Texas have different levels of homestead exemp�ons. Claiming your homestead exemp�on is a cri�cal step in property tax reduc�on.
Property tax rates are levied by local tax en��es such as city, county, school district and miscellaneous districts such as municipal u�lity district, fire department, community college, hospital district, flood control and others. Property tax rates are typically set annually by each school district. They calculate the tax rate based on their budget / taxable property. For example, if a city has a budget of $1,000,000 and a tax base of $200,000,000:
Property Tax Rate = $1,000,000 / $200,000,000 = 0.5%
Reducing Your Property Taxes Property tax reduction starts with: 1) claiming your homestead exemp�on and 2) appealing property taxes annually You have a right to reduce your property tax assessment. Most tax appeals are successful. Annual appeals are a key component of property tax reduc�on!
Use exemptions to reduce your property taxes. It is your right and there is no cost! Many states allow for the claiming of your homestead property tax exemp�on. Research property tax exemp�ons available to you by Googling the name of your county followed by property tax assessor. There is no fee to file and most exemp�ons remain un�l you sell your home. The forms are on-line and can be completed in 5 or 10 minutes. Homestead exemp�ons can reduce property taxes by 20% or more. Over-65 and disability exemp�ons can reduce or eliminate property taxes in some areas.
Property tax appeal steps File a property tax protest by the deadline
Prepare for the hearing by researching comparable sales and assessment comparables (the value of like proper�es), Meet the assessor to nego�ate a reduc�on. Most assessors will reduce your property tax assessment at this mee�ng.
Stop paying more than your fair share of property taxes and reduce your property taxes by enrolling in the Property Tax Protec�on Program
www.cutmytaxes.com