Saturday, January 24, 2009

Confront High Property Tax Assessments

by JOSH ECHOLS

Falling property values could mean higher taxes. Higher home and property owners taxes are a nightmare to many. Municipalities unwilling to cut their budgets and reign in expenses are the reason for much of the dilemma.

Often scare tactics of cuts in service are employed. A governor of NJ threatened to close the beaches and parks, even the casinos if his state sales tax was not passed. He wouldn’t look into actual cutting the fat and excesses out of the budget and got his tax increase passed.

Government should mirror the private sector in wage and benefits. Instead government take unfair advantage by getting higher wages than the typical WalMart, Home Depot employee, get to retire in 20 years while the average Joe works till he’s 65.

Property tax caps and higher state sales taxes are some of the solutions offered by government. Should you be worried about your property taxes with foxes in the henhouse making the rules don’t slash extraneous jobs and expenses?

The appeals process is always in place for property owners who believe their values are too high. Numerous areas for price adjustment exist when comparing your home to another home’s sold data. Changes in square foot data, age of home, location, condition, number of garages are some the area that can be adjusted for Even in average times usually a higher error rate exists in property tax assessments. The National Taxpayers Union writes that as many as 60% of all homeowners are over-assessed and not in line with their home value. (”How To Fight Property Taxes” 2004 p.1). This fact alone gives one pause to check their property taxes. It also presents and excellent home based business opportunity.

We’re seeing a great number of families facing foreclosure and rising property taxes and their home values fall. That doesn’t sit right with most people’s sensibilities.


Property owners have the right to formally appear in front of a board of equalization to share their information and state their case. Nevertheless the first course of appeal would be to contact the property tax assessor and give compelling evidence. Be prepared for deaf ears, few listen well.

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