When you buy a house or property, the mortgage company that holds your mortgage usually has an escrow account set up, which holds your monthly payment towards your homeowners insurance and property tax. The standard procedure is for the mortgage lender to send you the money in a form of a check in December [...]
When you receive your property tax bill, you need to go over it very closely. You need to look at the fair market value and the assessed value. These two different things have two different meaning when figuring your property tax liability. Many people have complaints about how the assessment of homes or properties is [...]
There are several steps for the property tax appeal process. The first step is to determine if you are receiving a higher assessment than what you believe the property could sell for in this period. If you feel the assessed value is high, you can then take the first step towards appealing the tax bill. [...]
Non-profit organizations do not have to pay property taxes. This is a true statement, but there are stipulations that apply to the rule. The first thing that has to be defined is whether the organization is actually non-profit. Non-profit meaning that they do not have any profits made from monies received. The other qualification is [...]
When you are selling a property and it is in the middle of a property tax year, the seller is responsible for the property taxes up to the day of closing after which time the remaining tax is due by the buyer. Now some people are very unaware of this fact when they close on [...]
There are some reasons why people receive a property tax reduction. Veterans, seniors, and low income homeowners can apply for a tax reduction or a tax deferral. Keep in mind that not everyone who applies receives the reduction or deferral. The state and community you reside in may vary from other states and communities. If [...]
Property taxes for rental properties are normally higher than single-family properties. This causes much confusion for property owners in any state. They cannot understand why they are subject to higher property taxes since most are not making a profit on the properties in question. With people buying two family houses to help with the mortgage [...]
When you schedule an appointment with a property tax attorney, you need to go to his office prepared. If you do not take along all the necessary documents and information, your first visit may be a waste of time and money causing a return trip with added fees. When you call the property tax attorney, [...]
The answer is more likely no. As long as the cost of living continues to rise, property taxes will continue to rise as well. Even with the housing market right now, the economy is still on the rise. Schools still need money, communities need money and other districts need money as well. If no one [...]
If you are concerned about any of the statements on your property tax bill, especially the property tax assessment value, you might want to consult with a property tax attorney. Although you can do the process yourself, you may feel overwhelmed by the legalities and find it necessary to have help. You can look in [...]