Are you dealing with obnoxiously high property taxes in the Springfield area? And do you want to lower them? At Cornerstone Homebuying, we’ve been real estate investing in the Springfield area for quite some time now. And we’ve learned a thing or two about lowering property taxes.
Aside from the mortgage payment, here are the other costs associated with owning a property. Property tax is one of these costs, usually paid to local governments like counties and cities as well as some school districts. Property taxes account for roughly 17% of state and local revenue, surpassing sales taxes and individual income taxes as a source of revenue for programs such as schools, libraries, and roads. While property tax money is used for good causes, you don’t want to pay more than you have to, and you may be wondering why your property taxes are greater than your neighbor’s.
So we thought we’d share some tips!
1. Recognize Your Tax Bill
If you believe you are overpaying, it is critical to understand how you arrived at the figure on your statement. Unfortunately, many homeowners pay property taxes without fully comprehending how they are computed. It can be perplexing and difficult, especially if there is a discrepancy in how two neighboring towns calculate property taxes.
Property taxes are determined using two key figures: the tax rate and the property’s current market value. State law determines how often taxing authorities reset their rates; some do it annually, while others do so in other increments, such as every five years.
2. Request a Copy of Your Tax Card
Few people know they can request a copy from the local assessor’s office by going to the town hall. The tax card gives the homeowner access to information the town has accumulated over time about their property.
The size of the property, the exact dimensions of the rooms, and the quantity and kind of fixtures in the residence are all listed on this card. A section on special features or notations regarding any improvement made to the existing structure could also be included.
4. Don’t Construct
Any alteration to the structure of your home or property will raise your tax burden. Any permanent feature added to your homes, such as a deck, a pool, or a large shed, is assumed to raise its value. Before starting construction, homeowners should determine how much a new addition will boost their property tax payment.
5. Curb Appeal is Limited
When it comes to the actual review procedure, tax assessors are given a specific standard to follow. However, there is still a degree of subjectivity in the evaluation. As a result, homes that are more visually pleasing are frequently valued higher than those that are less visually appealing.
Remember that your property will be compared to your neighborhood through the appraisal. Despite how tough it may be, resist the impulse to clean up your home before the assessor usually arranges a visit. You should be able to plan. If possible, watch to make any physical or cosmetic changes to the house-new countertops or stainless steel appliances- until you’re ready.
6. Walk With the Assessor on a Home Tour
Many people let the tax assessor stroll about their homes unguided during the assessment procedure. This could be a blunder. Some appraisers will only look at the positive aspects of the home, such as the new fireplace or the marble-topped kitchen counters. They’ll overlook the fact that numerous appliances are out of date or that there are some minor fractures in the ceiling.
To avoid this, take the assessor on a walk through the house and point out both the positive and negative aspects. These tips will ensure you get the most accurate valuation for your home.
Hope that helps!
If you want to sell a property fast for a fair cash price, call us at 413-315-9551. We can close in as little as two weeks, and we’ll pay all closing costs!