Property Tax Relief
If the housing market has softened in your area, try to look on the bright side. You may be able to win yourself a reduction in your property taxes.
An estimated 60 percent of taxable property in the United States is over-assessed, according to the National Taxpayers Union.
Start by comparing the assessed value of your home to that of your neighbors' homes and with the sale prices of comparable homes recently sold in your area. You can often find that information online at your local assessor's website. While there, check the assessor’s listing for your home to make sure the square footage and other features are correct.
If you feel your home's assessed value is too high, gather your evidence and make your case to your local property tax board of appeals during the appeals period — typically limited to the weeks or months after you receive an updated valuation.
Take the next step...
Maximize your tax-deferred savings in your retirement plan - enroll or contribute more today.
While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
