Property taxes can increase the monthly mortgage.
For one couple, they took it into their own hands to make sure their home was really worth its true value.
The unnamed couple shared their story with msn,
He explained how he hired his own professional appraiser to appeal his property tax amount.
The couple were upfront with the appraiser as to why they rented one and pointed out all the problems with their home.
The appraiser valued his home much less than the amount of the township.
The couple sent documents to the Estate Tax Appeals Board, attended a hearing, made their case, and in the end, the Appeal Board agreed and reduced their taxes.
Unfortunately, it doesn’t work for everyone.
The couple explained that their neighbor tried the same thing several times and each time, didn’t hire an appraiser.
Instead, he showed documents of other homes in his neighborhood that sold for less than the appraised value of his house.
The Appeal Board felt that it did not have sufficient evidence.
Property taxes make up a percentage of a home’s value, which often increases when the market is strong.
In today’s red-hot market, this is especially true.
According to home price index of districts, Home prices have risen 20% since the start of 2021.
But, if property taxes jump from year to year, homeowners have a tool at their disposal.
The key is to ask for a second evaluation.
How is property tax determined?
Property tax is based on the value of a home.
For tax purposes, the home value is sometimes called the assessed value or fair market value.
To determine the appraised value, an appraiser will visit the property, walk through it and trace any inspection findings in their calculations.
They also consider the sale of nearby homes.
how to save thousands
Sometimes, getting a lower appraisal can reduce property taxes by thousands of dollars.
There are many factors that can make or break a second assessment.
As the couple shared, their second home appraisal was far below the amount their township said the home was worth.
He didn’t share the difference, but his tax savings were in the thousands.
Here’s what you can do to appeal your estate tax:
- Hire a Professional Appraiser
- Point out home issues to the appraiser
- Tell the appraiser that you are getting the appraisal for the purpose of appealing your property taxes.
- Make sure your settlement knows you hired a professional appraiser during the appeals process
- If You’re Struggling Financially, Here’s How You Can get mortgage help,
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