Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
You have several ways to determine the value of a home. An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house. A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes. Most agents offer free analyses in the hopes of winning your business. You also can get a comparable sales report for a fee from private companies that specialize in real estate data or find comparable sales information available on various real estate Internet sites.
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
Are property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible up to a certain amount against current income taxes.
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
Are taxes on second homes deductible?
Mortgage interest and property taxes may be deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics.
As always, it's recommended to please seek the advice from your financial adviser or CPA.
Copyright © 2018 Andie Ford, Broker Associate - Coastal Premier Properties - CalBRE 01958601, 01861547.
All Rights Reserved. ***This website and special reports are solely advisory, and should not be substituted for legal, financial or tax advice. Any and all decisions and actions must be done through the advice and counsel of a qualified attorney, financial adviser and/or CPA. We cannot be held responsible for actions you may take without proper financial, legal or tax advice. Information on this site deemed reliable but not guaranteed. Broker/Agent has not and will not verify any information obtained from other sources.The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.