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Saturday, January 24, 2009

Challenge High Property Taxes

By JOSEPH GREEN

High property tax burdens as a percentage of home values is typically an ever increasing heavy load to homeowners. Overhaul of state property tax increases, including a possible ballot issue to cut property taxes for homeowners whose home values have dropped, are a hot potatoes issue. It's harder for people to pay property taxes in today economic environment..

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.

Others suggest property tax appraisal caps and government belt tightening. Government often argues for a higher sales tax to dodge the obvious cutback solution. Even other insist on cut backs on conditions for extravagant early retirement thinkable to many after 20 years service.

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 lacerate extraneous jobs and expenses?

The appeals process is always in place for homeowners 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

Generally, under average times a very large error rate exists in the compilation of property tax data. The National Taxpayers Union writes that traditionally 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). Here lies the work at home opportunity for individuals looking to help others get their property taxes in line.

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

Property owners have the right to formally appear in front of a board of property tax revision to share their information and state their case. At any rate 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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