How to Avoid Paying High Property Taxes

How to Avoid Paying High Property Taxes

By SiliconIndia   |   Wednesday, October 1, 2014   |    1 Comments
printer Print email Email
1

Bangalore : Paying property taxes annually is a heavy financial burdensome for many property holders and mortgage holders. If you fail to pay your taxes, you may have property liens on your possessions such as home, land, vehicle including your business. This may lead to seize the property as well to satisfy the debt. Many property holders pay exaggerated taxes for their properties due to over-estimation of property value. The ideal approach to abstain from paying high property taxes is to make sure that the valuation of your property by your local government is accurate and reasonable.

Check your Property Card: Visit local assessor’s office and request for your property card/ property working papers/work sheets. This property card incorporates all the obliged information about your property such as dimensions, number of bedrooms, bathrooms, garage, lawn etc. Reviewing the card helps you to find out errors. Committing mistakes during the process is more often. If you find the errors, make the correction or conduct reassessment, this helps to determine your exact property tax rates.

Compare homes in the neighborhood: To elucidate whether your home have received reasonably high assessed value or not, compare assessed value of your home with similar homes of the same size and the same amenities in your neighborhood which are sold within the past year. Usually, assessed value will change according to the real estate prices so, try to compare at least 3-5 homes in the same location with the support of real estate agent to get lower assessment.

New Launches Real Estate Project in Bangalore

Check the resemblance: To determine which factors have contributed to high property assessment, explore the resemblance with similar properties in your area. The factors may include property size, amenities, proximity to heavy traffic area, physical views and many. This will helps you to abstain from paying the unduly property price than precise one.

Build your case: Send your request letter to governing body that reviews property tax issues, along with all the obligatory information like property address, parcel number and gathered data proving that your property value is less compared to comparable homes with photocopies. Try to explain how your property has been valued differently compared to other similar homes and request for re-evaluate your property.

Formally issue will be rectified within two to four weeks. If you are not getting the successful result, you may be able to take the case to a state review board.

Read More :  Vaastu Shastra's Advices and Tips for Kitchen

Write your comment now
 
Reader's comments(1)
1: http://www.tgb-neelgagan.com/
Posted by:adil husain - 06 Oct, 2014

New Launch Projects

Follow SiliconIndia :

Looking for property to buy????
Let us know your property requirement:
Name
Contact No
Email id
Requirement
 
We will help you find the right property