While the recent recession and economic crisis have made it difficult to secure many types of loans, Texas property tax loans stand out as an exception. Texas continues to report some of the highest property tax rates in the country and with real estate values holding up well in this state, there has been little tax relief for property owners. Given the high rates and the ever present challenges in the economy, property owners should know that delinquencies can be addressed with a property tax loan before penalties, interest, and possible foreclosure by the county.
With the economic crisis worsening, property tax lenders expect a record number of borrowers in the months ahead. If you are interested in a solution for your delinquent property taxes, these frequently asked questions may assist your search.
Q: What is a property tax loan and how can it help me?
A: Property taxes are due in a lump sum by January 31st. The amount of tax due increases every month thereafter until the taxes are paid. A tax loan consolidates the delinquent taxes, accrued penalties, interest, and any legal fees owned on the property into a loan with affordable monthly payments. The taxing authority´s existing lien is transferred to the property tax lender as security for the loan.
Q: What type of property will qualify for a Property Tax Funding loan?
A: Loans are available for almost any type of real estate as long as the borrower is not in bankruptcy, there is no IRS lien on the property, and the property is reasonably maintained. This includes residential, commercial, investment properties, and vacant land.
Q: What if I’ve had past credit problems?
A: Credit history is typically not an issue, except in cases of current bankruptcy. Loans are approved for most applicants, even those with not so perfect credit. All loans are subject to income verification
Q: How long does the loan process take?
A: From the time the application is completed the closing can occur in less than a week. Applications can be taken online or over the phone. Loan closings are typically handled with a mobile notary that comes to a location convenient to the borrower.
Q: How much money can be saved by avoiding interest and penalties on a delinquent property tax bill?
A: Penalties and interest are set by state legislature and begin to accrue on February 1st. While county rates vary, you can expect penalties, interest, attorney fees and court costs of 37% to 44% per year. It´s easy to see how a property tax loan can save thousands in penalties and interest, while more importantly, avoiding foreclosure and lawsuits by the taxing authorities.
Q: What are some considerations when choosing a property tax lender?
A: In addition to choosing a lender with years of experience and specialization in property tax lending, only work with a lender who is licensed by the state of Texas. You can validate if the property tax lender is licensed to make property tax loans in Texas with the Office of Consumer Credit Commissioner. http://www.occc.state.tx.us/pages/searches.html
You can also learn more about Texas property tax loans by contacting Property Tax Funding at http://www.propertytaxfunding.com/ or calling a loan officer at 877-776-7391.
Archive for August, 2009
Texas Property Tax Loans – A Solution For Delinquent Residential & Commercial Property Taxe
Saturday, August 22nd, 2009Goa realty thru Magic Masons Goa Property Finder! View 100s of Goa properties before you buy.
Saturday, August 22nd, 2009Goa Property Finder! View 100s of Goa properties before you buy …
Goa Property Finder. Search Goa Property with this Goa property finder. View 100s of Goa Properties before buying Goa property or Goa realestate in Goa.
Goa has many popular well established neighborhoods but it is a matter of your preference.
If you are buying a property in Goa to rent it out, you should ask yourself where you would like to live and rent a property in Goa.
If you are targetting to renting out your new property to the expatriate community in Goa, you should investigate to purchase a Goa property in exclusive neighborhoods.
If you are considering buying a house or condo in Goa, to sell it at a later time for a profit, you should ask yourself which locations in Goa still has affordable real-estate properties with the potential of strong growth. New townships in Goa could be a potential target for the purchase of a property.
When you purchase a house or villa in Goa, you are buying the land and as well the property that was build on the land. Of course the property in Goa will deteriorate with the years but the land the property was build on maybe worth much more, then its original value, so the more land you get when you buy a house or villa in Goa, the more it will be worth in the future. Land in Goa will always have value.
Before you buy a property in Goa, it is important that you understand the basics between a Freehold or Leasehold property in Goa.
It is important that you check out the immediate surroundings where you plan to buy a real-estate property in Goa and you should be cautious of anything near by your Goa property. You should not purchase a property near by of main roads, high tension cables, Electricity substations and as well large water drains in Goa.
If you have contacts into the construction or real estate industry, you could have an advantage if they can let you know of future developments of real-estate projects in Goa, before the general public will be aware of those new real-estate development projects in Goa.
Most buyers of properties in Goa compare prices when they shop around for a new property. You should look through Goa real-estate classifieds ads in local newspapers or search online for real-estate developers in Goa so you have a strong knowledge of the prices for the real-estate properties in Goa.
You should ask yourself the following question before you buy a property in Goa.
Is the property in Goa, leasehold or freehold and if the Goa property is a leasehold property, how much years does the property in Goa has left? How is the neighborhood of your Goa property? Are shops nearby your Goa property Has any work been done on the Goa property since the old owners moved in? Is the Interior or Exterior of the Goa property in good condition? How much you have to invest in additional work for your Goa property Will you be able to obtain a mortgage loan from a local bank in Goa?
If you are not under a time constraints, you should look as many properties in Goa as you can handle. You should visit show units from real-estate developers in Goa or if it is a property in the resale-market, visit that property as often as you can and draw up a list of pros and cons of the Goa property. If you have the time, under no circumstances should you rush in to buying a property in Goa.
You should not only look for a bungalow, semi detached house, or a condominium/apartment or residential land in Goa, but as well for a mortgage loan with a Bank or Financial Institution in Goa.
To know more visit:
http://www.magicmasons.com/
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Make Money Renting Property To Businesses
Friday, August 21st, 2009If you’ve got money to invest in property, there’s more than one option open to you.
You mostly hear about people buying a house, doing it up and then selling it on or renting it out.
But you could also do the same with property abroad. Or an increasingly popular way to make money is by renting property to businesses.
New research by lenders Mortgage Trust shows more than one in four landlords are looking to get into corporate rents, which includes commercial buildings as well as leasing domestic properties to executives who have moved from other parts of the UK.
At the start of 2007, that figure was just 14 per cent according to its research. Now it stands at 27%.
Much of this growing interest is because you can make more money renting property in this way, especially if you can afford to buy a commercial building.
Businesses tend to demand high standards. And if you can provide, they will pay handsomely for it.
On top of higher rents, a company is much more likely to stay in a building for a longer period of time. If you think how much hassle it is for you to move house, it’s ten times the pain for a business.
When your tenant does move, they are less likely to do a runner than people renting property might do, leaving you with a mess to sort out. This is true for domestic as well as commercial rents. And businesses are more likely to put the building back to the state it was when they moved in.
Some landlords hope that down the line they can sell their investment property to the tenants.
If you are interested in buying a commercial building as an investment, you need to approach it a little differently to when you are renting property domestically.
First off you must look very carefully at the location of your potential investment, and consider the type of business that might rent it from you.
Companies that use warehousing will need excellent transport links, plus lots of cheap space. Whereas a business that has lots of staff and clients visiting the premises will be more interested in a smart looking building and plenty of parking spaces.
The trick is to find a balance between the likely cost of the premises, the features of the building and the location.
Next up you should look at the infrastructure on offer. A building will have more appeal if it has modern network cabling in place, plus a good security system. The building should already have smoke detectors and other safety features such as fire extinguishers, as these are required by law.
One smart tip that will help you maximize your profits from renting property to businesses is to look at how you can make better use of the space you have bought. For example, if you have a tall building, could you install a mezzanine floor to double the floor space available?
Is there wasted space in the loft or associated outbuildings that can be converted? The more floor space you have, the more monthly rent you will get.
It will be harder to do this work if you buy the building with tenants already in. If the building is empty it will be easier, plus you can throw the cost of improvements into any borrowing you are doing to fund the purchase price.
Finally, before you shell out for your building, find a commercial estate agent you trust to work with you as a partner. Not only will they offer plenty of advice on the best way to get a good monthly income from the building, but they may act as a property finder for other businesses – matching renters with tenants.
This could be a powerful weapon for you in marketing your new commercial building, and getting tenants renting property quickly.
Property Management in Las Vegas
Wednesday, August 19th, 2009Your property needs to be managed carefully and professionally. So once you have decided to hire a property management agency to look after your property it becomes imperative that you make the right decision about the agency. There are several firms listed on the net that provide Las Vegas real estate services and Nevada property management ranging from property maintenance and collection, supervision, tenant screening and retention, and random property inspections. Several things are to be kept in mind while selecting the firm. The firm chosen should be registered and without any past or present criminal records or involved in any legal proceedings. The best way is to interact with the previous and present clients who would provide with the right kind of information regarding the property management in Las Vegas of the firm.
The difference should be made between the firms that specialize in residential and the ones that specialize in commercial properties. It is always advisable to select a one that specializes in only one category as they would be more experienced and would provide better services.
Another thing that has to be kept in mind is that the firm selected should have enough time on its hands to focus on your property. That means they should be involved in the business full time and not doing it on the sidelines. Also the managerial practices of the firm should be checked so that it could be made sure that they have the right vision and the methodology to do the needful.
Once a firm has been selected, the contract should be arranged between the firm and the owner and a copy each should be kept by both the parties. The service details of the Nevada property management firm should be taken in writing and there should be no discrepancy between the practical and the written part once the work gets underway.
Getting the Best Real Estate Deal in Phoenix, Arizona
Tuesday, August 18th, 2009When it comes to real estate, Phoenix, AZ has been in the spot-light for a long time. The dynamic Arizonian climate is one of the main culprits of the phenomenal demand for Phoenix real estate. Even though Phoenix averages a temperature of 72.6 degrees, its popularity remains undiminished. A major fraction of the visitors that the Valley of the Sun sees every year, come to the city for its sultry climate, especially golf enthusiasts.
The Arizona MLS and Phoenix MLS that Choice Group Realty has access to include estates that are characterized by their adaptability to the Arizonian climate. Besides the climate, homes for sale included in the Arizona real estate listings and Phoenix real estate listings are built according to the particular topography of the area.
Thus, if you want a residential property nestled in the serene locales of the desert, you can take your pick from properties with swimming pools or with close proximity to water parks. If you want a modern condo closer to an economic area you can scan properties for sale in an area like Paradise Valley.
Choice Group Realty can also make obtaining commercial real estate property and land plots a cinch as these properties are also included in the Arizona MLS and the Phoenix MLS. The Greater Phoenix area, which incidentally is also our area of specialty, is a $50 billion economic hot-spot that is technologically very advanced and aggressively progressive.
Corporate and industry heavy-weights like Motorola, Intel, Prudential, American Express and Mayo Clinic have extensive holdings and interests in Phoenix, making it a very impressive city to reside or set up a business in.
With Choice Group Realty services you have the added advantage of associating with real estate agents and brokers who understand the local real estate industry in Phoenix and Arizona and help you get the best deals in the market on Arizona real estate listings and Phoenix real estate listings.
Helping you make your residential or commercial real estate choice is our personal business.
Commercial Real Estate Appraisal
Sunday, August 16th, 2009Commercial Real Estate Appraisal
Commercial real estate appraisal is a combination of art and science. Knowledgeable appraisers gather and analyze data prior to making informed decisions about real estate value. The appraisal profession has developed a series of well-established analytical techniques; the cost approach, income approach and sales comparison approach. The most appropriate approaches depend upon the characteristics of the subject property.
The cost approach is considered most applicable for commercial real estate appraisals for relatively new properties and special-use properties. Commercial real estate appraisers are less likely to use the cost approach for older properties due to the difficulty of precisely calculating the amount of depreciation.
The income approach is considered most applicable for investment or income properties. Appraisers gather data regarding the actual income and expenses for the subject property, rental comparables, expense comparables, industry expense data, market occupancy, and rental market trends. The commercial real estate appraiser then estimates gross potential income, other income, effective gross income, operating expenses, and net operating income. Net operating income is converted into an indication of market value using a conversion factor termed the capitalization rate, using the following formula:
Market value = net operating income/capitalization rate. This process is termed direct capitalization.
The income approach can also be calculated using a discounted cash flow analysis. Revenue and expenses are estimated for a period of years and the resulting annual cash flows and gross proceeds from a projected sale of the property are discounted to a present value using a discount rate.
Commercial real estate appraisers also utilize the sales comparison approach to estimate market value. The sales comparison approach is often considered most comparable for owner-occupied properties. After obtaining data regarding similar properties that recently sold, the appraiser makes adjustments to generate an indication of market value for the subject property.
After considering each of the three approaches to appraisal and preparing an analysis for the approaches which are considered relevant, the appraiser reconciles the indications of value to a final value conclusion. The quality and quantity of data for each of the approaches is considered when reconciling to a final value conclusion.
O’Connor & Associates is the largest independent appraisal firm in the southwestern United States and has over 40 full-time staff members engaged full-time in valuation and market study assignments. Their expertise includes valuing commercial real estate, single-family, business personal property, business enterprise value, purchase price allocation for businesses, valuation for property tax assignments, partial interest valuation, estate tax valuation, expert witness testimony and valuation for condemnation. They have performed over 20,000 commercial real estate appraisals since 1988.
To obtain a quote or further information for a commercial real estate appraisal, contact either George Thomas or Craig Young at 713-686-9955 or fill out our online form.The appraisal division of O’Connor & Associates is a national provider of commercial property real estate appraisal services including cost segregation studies, due diligence, insurance valuations, business personal property valuations, business purchase price allocations, single family litigation support and business valuations.
All commercial property types benefit from our appraisal services including multi-family housing, retail stores, hospitals, hotels, industrial properties, manufacturing facilities, medical offices, commercial offices, restaurants, self-storage units, shopping malls, shopping plazas and warehouse/distribution centers.
Building a Successful Foundation in Property Management
Saturday, August 15th, 2009 Take a stroll through any city, and you’ll see them: lovely brick condos, inviting apartment buildings, gleaming tall skyscrapers, and even historic mill buildings and churches converted into contemporary living spaces. Today’s real estate market is constantly evolving and changing, and as this dynamic streetscape alters, behind the scenes is the invaluable and skilled player: the property manager.
One of the fastest-growing careers of the next decade, employment of property, real estate, and community association managers is projected to increase by 15 percent by 2016, according to the U.S. Department of Labor. As the mortgage market compels many Americans to rent instead of purchase homes, and baby boomers move into housing and healthcare units, property management professionals will be in high demand. There will also be opportunities with real estate development companies, commercial property corporations, and government agencies that manage public buildings. If you see a well-run, profitable establishment with satisfied tenants, chances are there is a talented property manager handling the day-to-day logistics of that community.
One successful California property management developer, Andrew Gross, vice president at Thomas Safran and Associates, an affordable housing development firm, says his profession has taught him not to be afraid “to dream big.” “Business development is a challenging process, and a developer must possess the creative know-how to put out fires and overcome hurdles.” Gross is a member of the Advisory Board at Fremont College, a premiere degree and career college in Southern California. He says that developing affordable housing has been personally fulfilling, allowing him to change entire areas and “see people truly enjoy their new situations.”
Property management holds the most potential for people like Gross who enjoy blending knowledge of real estate with customer service and sales skills. Being a property manager is like being the mayor of a small city-you manage revenues, make important decisions about management, oversee contractors, oversee residents, and more. “Attention to detail is crucial,” says Gross, who constantly finds himself drawing parallels between work and life in his daily challenges.
Property managers need to have a broad knowledge of business, finance, accounting, and real estate, as well as practical skills such as math, writing, computer, and oral communication. A business administration degree with a concentration in property management will equip you with knowledge of financial and expense control, customer service and marketing, leasing basics, and more. Various professional and trade associations also allow you to expand your knowledge of specialized subjects, such as insurance and risk management, personnel management, and reserve funding. Many fields overlap, says Gross, such as the constant intertwining of property management and real estate.
Your career opportunities may abound as a property manager-you can work for real estate agents and brokers, lessors of real estate, or any other real estate company. Just as an example, top U.S. and trade associations, such as the Building Owners and Managers Association and the National Association of Industrial and Office Properties all offer job postings and networking opportunities. Booming overseas expansions are also opening up international property management positions. At Thomas Safran and Associates, which owns and manages over 3,200 units of affordable rental housing in the Greater Los Angeles area, Gross says that the company is looking to hire skilled professionals who are able to communicate with clients.
So move aside, Donald Trump. The commercial and residential real estate industry is attracting talented young professionals with a strong educational background that equips them with a diverse skill set, talent, and experience. As a property manager, you can make a positive, sustainable impact on the environment and the economy, build lifelong relationships, and make a difference in the lives of hundreds of people. The welcome mat is out for a satisfying and rewarding career in property management. You just need to open the door. “It’s important to find life’s work that is fulfilling,” says Gross, who says it was serendipitous that he ended up in such a rewarding field.
For more information about a degree in business administration or career opportunities in property management, visit www.fremont.edu, or call 877-344-2345. Fremont College is a Southern California-based college dedicated to offering hands-on, career-focused accelerated degree programs that close the gap between the classroom and the workplace.
Tarlow, Breed, Hart & Rodgers Attorney Addresses the Resolution of Disputes Among Co-venturers at Reba Conference
Friday, August 14th, 2009
DATELINE: BOSTON, MA…
At the outset of a joint venture, many real estate investors don’t focus on the inevitable question – what could possibly go wrong?
At the recent Real Estate Bar Association for Massachusetts (REBA) 2008 Spring Conference Attorney Mark Furman, chairman of the litigation department of Tarlow, Breed, Hart & Rodgers, P.C., outlined not only what can go wrong, but also how to approach the resolution of disputes among co-venturers.
Disputes or claims that arise out of joint ownership agreements run the gamut. Common areas of discord include: self dealing, usurping corporate opportunities, entitlement to compensation or fees not fairly allocated, the right to work in a venture, mismanagement, unequal treatment, or exclusion from information, participation, and decision-making.
Under Massachusetts law, joint venture parties have the same fiduciary duties as partners, owing each other the duty of utmost good faith and loyalty, particularly in regard to minority shareholders. Co-venturers may not act out of self-interest or avarice in violation of their duty of loyalty to their partners and the business.
In matters involving business policy, majority shareholders have the initial burden of demonstrating a legitimate business purpose for the action taken. This includes majority shareholders exercising discretion in declaring or withholding dividends, deciding whether to merge or consolidate, establishing the salaries of corporate officers, dismissing directors with or without cause, and hiring and firing corporate employees. The minority shareholders then have the burden of demonstrating that the same legitimate objective could have been achieved through an alternative course of action less harmful to the minority’s interest. The Courts then weigh the legitimate business purpose against the practicability of a less harmful alternative. The Courts also consider the reasonable expectation of the parties.
In situations involving corporate opportunities and self-dealing, the burden is on those who benefit from the venture to prove that the decision was fair to the corporation. An agreement among owners should minimize claims. If it is a joint venture, the scope of the venture should be narrowly defined.
Although Massachusetts courts have indicated that the fiduciary duties owed between joint venturers can be modified or limited by contract, there has been a reluctance to allow for the total elimination of fiduciary duties. Statutory provisions also exist under Massachusetts law that can be used to limit or eliminate the personal liability of a manager or member of a Limited Liability Corporation (LLC) or limit the liability of a director of a business corporation.
Massachusetts courts will apply the law of the state of incorporation to claims concerning the internal affairs of a corporation, including claims for breach of fiduciary duty. The scope of fiduciary duties can vary from state to state, and the statute of limitations, burdens of proof, and available remedies may also differ.
Some claims may only be brought as derivative claims on behalf of a company. A derivative action must be brought to recover for breach of duties owed to the corporation. Because a derivative action is brought on the grounds of breach of duty owed to the corporation, any recovery will benefit the corporation. Claims that the majority has been paid excessive compensation must be brought as derivative claims. Direct claims for breach of duty owed to a shareholder may be brought directly by the aggrieved minority shareholder. Direct claims include those challenging the termination of employment and certain “freeze out” techniques.
In Massachusetts, breach of fiduciary duty through diversion of corporate opportunities and self dealing is usually subject to a three year statute of limitations while certain other contractual claims may be subject to a six year statute of limitations. The statute of limitations may be extended by virtue of the Plaintiff not having knowledge of the wrongdoing, fraudulent concealment, or in derivative actions, the adverse domination of the corporation by the alleged wrongdoers.
The court has broad equitable powers to fashion remedies where there has been a breach of fiduciary duty. Courts attempt to restore as nearly as possible the wronged party to the position they would have been in had there not been wrongdoing. Remedies should neither grant the minority a windfall nor excessively penalize the majority. The remedy should be consistent with the reasonable expectations of the parties.
Massachusetts statutory remedies are determined by provisions of the Limited Liability Company Act, the Uniform Partnership Act, the Limited Partnership Act, and the Business Corporations Act.
Tarlow, Breed, Hart & Rodgers, P.C.
Formed in 1991, Tarlow, Breed, Hart & Rodgers, P.C. is committed to providing high quality, comprehensive legal services to its clients. Featuring a breadth and depth of experience and perspective usually found only at larger law firms, Tarlow, Breed, Hart & Rodgers, P.C. offers sophisticated legal counsel to entrepreneurs, businesses, individuals, families, and institutions.
The firm’s areas of expertise include litigation and dispute resolution, corporate law, employment matters, mergers and acquisitions, estate planning, taxation, real estate, bankruptcy, and municipal law.
The expertise and collegiality of the firm’s fifty plus members, associates, and support staff has consistently resulted in the building of lasting relationships of trust and confidence.
The offices of Tarlow, Breed, Hart & Rodgers, P.C. are located at 101 Huntington Avenue, Prudential Center, in Boston, MA 02199. For additional information, or to arrange for a consultation, please call 1-617-218-2000, e-mail info@tbhr-law.com, or visit www.tbhr-law.com.
Miami Real Estate Listings – Selling Your Home in Miami Real Estate Market
Thursday, August 13th, 2009
The real estate in Miami constitutes the most desirable properties in the world. However, if you have decided to sell your home in Miami real estate, there are certain things you need to consider. Selling your home may not be a simple task; thereby you need to appoint a real estate agent to assist you in your venture. Your agent will help you to put up a listing in the Miami Real Estate Market. The following are some guidelines that you need to pursue while listing your property.
Introduce your real estate in a reputed realty group that offers listing services in Miami. Complete your real estate listing and provide accurate information. Craft the listing in such a way that it is easy enough to understand as well as tempt your prospective buyer to know more about it.
You can opt for online real estate listings, as they are one of the best marketing tools these days. You can create stunning online visual portfolios, which will play a vital role in marketing your property. With the help of several technological advances you can allow your prospective buyers to inspect your property from every angle. This will also help you to get buyers from different city and states, willing to buy real estate in Miami.
Include the basic facts in your listing, such as the area of your property, number of bedrooms as well as the amount of property tax paid. Give a brief detail about the attractive selling points of your real estate, like remodeled master bedroom, large car parking lot, or even its location. Add color pictures of your property to support your written listing.
Be honest while being factual. It is better not to manipulate the facts as the buyers will not be interested to work with you if your claims are inflated. Moreover, in Miami, not disclosing all the facts about your real estate is against the law.
Facts to check out while listing your real estate in Miami:
Place your property in multiple listing services covering all of Miami.
Opt for listing your real estate in national and international commercial listing and analysis database systems.
Organize a detailed value analysis of your property.
Use local newspapers and classified magazines such as Miami Herald, Miami Today, Sun Sentinel, Business Monday, Daily Business Review and South Florida Business Journal for classified and display ads of your real estate.
Property Taxes – Get Them Reduced!
Monday, August 10th, 2009A few years back, I bought a rental and decided that my property taxes were too high. I paid $16,000 for the place (remember those prices?), but the county assessor had the property pegged at a market value of $18,400. Each spring the county had a day when one could appeal the assessment in person, so I made my case to one of the designated “judges.”
I brought the closing statement showing what I paid for the property and mentioned that I wasn’t related to the seller, and that he had been trying to sell the property for six months. The $16,000 I paid was clearly a fair market price. They immediately lowered the assessment and subsequent taxes, and the whole process took only a few minutes of my time. Occasionally it can be that easy.
It was a different story when my wife and I bought a house in Montana. We purchased it in 2002 from a bank for $17,500 (I have a history of buying cheap real estate), after it had been on the market a few months. According to the assessment it was worth $35,000 – exactly double what we paid for the home, and we were taxed accordingly – over $800 per year.
I gathered data on other sales in the neighborhood, showing that the value was not that high (the town was economically depressed). I sent this information with a copy of our closing statement and the opinion of our real estate agent to the appropriate agency of state government that handles appeals, also noting that we did not know the seller (nor even use their bank). But they wouldn’t budge on the assessment.
Apparently when figuring property taxes in Montana, they don’t consider value to be what people will actually pay for a home. Perhaps what they want to collect in taxes is the basis of the assessed value. Even after we fixed up the home and sold it for $28,000 I don’t think they lowered the assessment for the next owner. Unfortunately, there isn’t much you can do with this kind of dishonesty in government. Fortunately, they are more honest in most places, and if you have evidence that your property is assessed too high, you can get your property taxes lowered. A few tips follow.
Reducing Your Property Taxes
If you think you are paying too much in property taxes, go to the assessors office, and look at your “property card” or whatever they call the record that shows what is used to assess your home or other real estate. Make sure the information there is correct. Perhaps too many square feet of floor space are listed, or a garage that no longer exists is used in figuring the value. Make a note of any discrepancies that are causing a higher assessment. Measure the house, for example, or take photos to show mistakes on the form.
Also look at the assessed values of the properties around yours (this is public information in most states). If they are lower, see if you can determine why, or if yours is just too high – and take notes. Every state has their own way of recording this information, so you may need to ask for help deciphering the figures.
Get information about recent sales in your neighborhood to demonstrate the current value of your home. Do this with the help of a real estate agent, or at the county office where they keep property rolls (this might not be the assessor’s office). A real estate agent can tell you how to do a simple market analysis based on “comparable sales” to determine your property value.
In some states, the property tax appeals process allows for an appraisal. Since it will likely cost you $400 or more, be sure it will be accepted as part of the appeal’s process. You should also consider how much you will save in taxes before paying for an appraisal on your house or other real estate. Bring everything you can to the appeals board or whoever handles the appeal, and be polite but determined.
One more way to reduce your property taxes: You may want to consider moving to an area where they are lower. In Canon City, Colorado, for example, we pay just $300 per year on our home, which is valued at about $67,000. That’s a tenth of the rate we paid in Montana (or a fifth of the “official rate” in any case).