Not only is it the perfect time to reassess your income, expenses, cash reserves and investment portfolio, the economic crisis has created a great opportunity to lower your property taxes by contesting your recent tax assessment. The BluePrint for Financial Prosperity blog outlines the following tips:
Build a case for a lower property assessment and do it quickly: Most places have a time limit for an appeal, Money says 60 days it the norm but I’ve seen places with 45 days and 90 days. Your case will be based on how your county assesses home value. If they use comparables, get some comparables and use them as ammunition (get 5-10, more is better).
Meet with the assessor first, then file an appeal: If you can convince the assessor that he or she assessed your home higher than he or she should have, it’ll help your case when it comes time to appear before the review board because they’ll be there. If you convince them, they’ll put up less of a fight. At the appeal board, prepare an 8-10 minute presentation with pictures of the comparables and a spreadsheet of the data. Think about what you would want to see if you were on the board. If you’ve done your homework, act professionally, then you have a good shot.
For more information, read the full blog post here! Great data (and more in the Money article referenced)... take action on it immediately!
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