In this blog post, we will discuss property taxes and some interesting tricks to avoid these.
How do you lower property taxes?
Your property taxes are used by governments to fund public properties, such as schools, and other local services within your community. The various government policies determine the amount you need to contribute as part of your property taxes. If you are not a professional at assessing taxes, you can hire a professional tax assessor to assess your property’s value before you receive your yearly tax bills.
If you need expert assistance with your property for sale in Nebraska, reach out to our team at Location Lincoln. We will help you.
There are a few ways to lower the property taxes. You could do this by applying for exemptions and by filing for tax appeals. In this article, we will look at some tips to lower your property taxes.
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Appealing
Reach out to your local tax office. Check with them if there is anything you could do to appeal your tax bill. Get a copy of your property’s current assessment to make your case stronger.
You can file a tax appeal, which might cost a small fee, which covers the charges for reviewing your appeal. You can hire an attorney to file your tax appeal, who might charge a fee, which is usually a portion of the savings of your tax bill, in case your appeal is approved.
Appealing doesn’t guarantee that your tax prices will be lowered.
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Town hall
You can always contact the town hall and get a copy of your property’s tax cards from the office of the local assessor. In this tax card, you can find all information that the town hall has on your property, including:
- The size of the property
- Fixtures (number and type) within the home
- Dimensions of the rooms
- Renovations made to the home over time
Examine this card for any discrepancies and if you find any, report them to your local assessor. In such a case, the tax assessor requires to re-examine the facts by making the necessary changes, after conducting an evaluation. This tip might sound silly, but it is important to look for even the slightest lapses, as the township is responsible for making changes if needed.
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Think before you plan a structural change
When it comes to structural changes to your home, such as including a shed, a pool, or anything, you need to remember that all this will go into your tax bill. Any permanent fixture is considered to increase the value of a property, but you need to examine what it would mean to your tax bill before you start the construction. You can reach out to the tax departments and request a ballpark figure before you even begin the construction.
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Cosmetic alternations could weigh on your tax bill
When you are physically improving your property’s appeal, remember not to overdo it. Your tax assessor would be evaluating your property against your neighbor’s and the others in your vicinity. Highly attractive homes are given a higher assessed value when compared with the houses that are less attractive. Or you can push aside any improvements you are planning until after the assessor finishes evaluating your home.
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Review your neighbors’ properties
All information pertaining to your homes in your community is available at your local tax assessor’s office. In fact, all information related to home assessments can be accessed by anyone.
You can use this to your benefit and review comparable homes in your community. Refer to the general statistics with regard to the evaluation results of your community. Here, you can find some discrepancies that could help with re-evaluating your taxes and lowering the bill.
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Be your assessor’s guide
When your accessor visits your home for evaluation, guide them through your home. Leaving them unguided to wander around the home could be a mistake because if the assessor overlooks certain facts, such as cracks in the ceiling or outdated appliances, and observes any recent fixture, only the good points might be noted. This could be a grave mistake.
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Grant your assessor full access
If you do not allow your assessor access to the interiors of your home, you might be unknowingly inviting a bigger tax bill. When you do not allow the assessor to access your home, they assume that you made improvements to your home and the assumptions would make you pay a big price.
Some townships have a policy – according to which, the assessor can assign the highest value possible for a property if not granted access.
Get all the necessary permits before making any physical improvements to your property so that you don’t have to worry about the assessor’s evaluation.
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Request exemptions
Check if you qualify for an exemption. If you are a senior, veteran, or if you or anyone in your family has certain disabilities, you qualify for an exemption. Contact your taxing authority to find out further details on exemptions.
Closing thoughts
Once you get the envelope from the county, start working on lowering your bills. Don’t wait till the assessor arrives home. If you are waiting for your tax payments to be taken from your escrow accounts, you need to rethink as there are many ways to lower your tax bills as discussed above.
If you are looking for a real estate agent in Lincoln, our team at Location Lincoln is at your service.
