Did you know that 60% of all real property owners are over assessed by their city? And more disturbing, less than 2% of all tax payers appeal their property taxes? Of the 2% that do actually appeal 70% of them win some type of real property tax reduction.
If you think you might be over assessed, you probably are and it is well worth your time to continue to research and investigate if you have a case. The potential savings range from $200 – $3,000 per year for home owners and much more for commercial property owners. The savings depend on a number of different factors including the value of your property, the tax rate of your city, the amount your property is over assessed by, etc.
Real Property Tax Reduction
Getting a real property tax reduction is really not complicated, and should only take a home owner an afternoon or two to really get an adequate knowledge of the process and how to present your appeal. Among the various details that owners needs to understand is how to select the right comparable recent sales (Comps), as this is the “meat” of most appeals. In other words, most owners are appealing their property taxes under the assumption that they are over assessed. You need to prove this by showing other similar properties that have sold, for less than what your city claims your property is worth.
As you may suspect this can get complicated as cities get “picky” with what properties they are willing to use. And knowing how to pick the right comps for a relatively inexperienced property owner can be difficult. For example some cities will not allow you to use comps from properties that sold under “distressed” situations.
Real Property Tax Appeal
There are other issues besides just comps that owners can dispute. For example the easiest way to get a real property tax reduction is by showing a mistake made by the assessor. For example, say you discover that your city recorded your house with 20% more living space than is actually has. You could easily dispute this. There are many other mistakes that you should very carefully examine. Keep in mind that assessors are often under qualified for that position as they are commonly elected officials that may not have any back ground in appraising properties. Also they are often over worked being responsible for tens of thousands of properties which is daunting task for anyone, no matter the credentials.
All in all, without sounding overly cynical, owners should be aware that your city does not want to give you a reduction. It’s money out of their pocket. One of the biggest mistakes that owners make is failing to abide by the technicalities of the process. Like having the forms filled out correctly and or being late to the appeal meeting, among many others. Cities are looking for technicalities to either dismiss your appeal or give you less than a reduction than you deserve; so you need to be diligent and detailed oriented.
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Help answer the question about real property
How to pass real property to brothers and sisters in an easy way with no hassles?Long story short, I was given real estate property about 10 years ago by my father and now I can't handle the property taxes. In any case, I have 3 sisters and 3 brothers – actually they are step-brothers/sisters. I live in another state then where the property is located (Hawaii).
I have my own property and the last thing I want to get caught up in is a family squabble. My father gave me another piece of property where I am now renting the house for the past few years. I'll keep that one, but I really want to pass the other property to my siblings and not have to deal with it ever. (The upkeep, the taxes, the insurance, etc.)
I have heard of using a quit claim deed, but I head it may not hold up in court. How do I pass this property to them in an easy, no hassle, low-cost, less paper kind of way?
Side info: There are no liens on the property – it is paid off – free and clear.
Thank you to all who can help me with this question.
Regards
We just had a proposition in FLA to reduce property taxes and it passed
Citizens this year want more law enforcement – more fire – more stations in there neighborhoods, etc
and the response is "hey guy – you voted to reduce our budget by 20% –
we are fighting to just keep our jobs with no COLA's for the next 3 years
much less raises (cola = cost of living adjustment)
have no clue what it will do for you in CA – all the best
Millions of people did, so don’t feel too badly if you were one of them, particularly if you bought early on.
In a bubble, comps don’t mean much, other than that everyone’s house was overvalued. A bubble creates a huge disparity between price and value.
Don’t be too excited about your tax reduction and revaluation. Several years ago, we had a drought here in Florida and water restrictions were imposed. When water usage dropped, the water authority said its revenue had dropped so much that it couldn’t maintain its infrastructure. So it just raised its rates!
Communities have budgets. If the value of your house drops after a bubble, the politicians are likely to raise your tax rate to maintain the tax base. At best, you should look for a small tax decrease.
My wife and I almost sold our house late in the bubble, but before people recognized that we were in a bubble. They were stupid, but not as stupid as we were. My wife had been a realtor and a mortgage broker, but she had never been in a housing bubble before. Fortunately, we bought our house in 1996 and still have plenty of “equity.” Unfortunately, there is no mortgage money and there are no buyers right now, so how much “equity” do we really have?
@Gen2pAc lol! thanks man! By farting into the phone it reminds these chimps they are nothing more than servants chained to a chair forced to dial all day long with zero authority to enforce anything except moving on to the next call! 12.00hr low rank buzzy bodies that could have took the job flipping burgers for the same pay rate but to feed their little man syndrome chose that dead end industry. lol
@IronJustice08 that is very nasty but sounds like something I would do hahaha Bravo patriot!
It’s simple, governments care more about corporations then the people. This ponzi scheme is archaic and has been dieing since 2005, as was predicted in our earth’s development in consciousness. Just make sure your on the right side owning physical assets like gold and silver. Corporate paper and fiat currency are coming to an end.
Liberals-
First we did not have this many in my state to vote on (Tn).
I support Increasing minimum wage…Governtment should NOT be ablet to acquire private porperty…Waiting period and Parnetal / Or other Adult ..the wording is important to protect for the unlikely but possible incidence of molestation by parent or guardian…Reduction of Student Loan interest rates…. Alternative energy plan, one that asks for results….
The way to deal with low rank bll collectors is simple. Discuss anything but the bill!
I have actually taken a shit while on the phone with one, and held the phone to by asshole so he could hear the slick slimy turd splash when it hit the water with a follow up fart! Then I let the collector know that he just gave me a blumpkin! Have fun wit hthese people, they cant do anything! little $12hr cubical monkeys.
We do the filings for you. Regain Your Sovereignty! = world wide web sovereignfilings dot c o m
Here's a good rule of thumb to use… For every dollar you spend in a traditional 30 year fixed rate mortgage and property tax, you get back about 30 cents on income tax (i.e., about 30% – or, about 1/3).
Also, the thing about each exemption being worth $3400 of tax reduction… that's not really accurate. Basically, it varies depending on income. Taking 3 exemptions for someone earning 100K/year is not the same as someone taking 3 exemptions making $20K/year.
There you go!
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My dear,
they key word in your question is in the sentence:
I have to pay him only $600 monthly and the homeowners association (no real state taxes, no insurance, no mortgage, no line of credit)…
I ***MAY*** get a debt reduction.
***MAY*** is not a guarantee of help. You could get no help at all!
If you do not get the reduction, your debt will be back where you started and this doesn't sound like any guarantee of help.
I would go to my mortgage company. The mortgage companies are receiveing help from the government , and are making great efforts to help people out of their problems.
Don't get involved with a "middleman" who will charge you for doing what you can do yourself.
Your mortgage company is equipped to take care of you without the help of a middle man who will charge you.
cannot do it myself but many sites on internet will do it for you not all are free but if you keep looking you will find if i have time later i will search for you and give you some links
There is no easy formula. Get an amendment done to your appraisal restating the valuation to include the minority ownership discount. For the amount of money involved, it will be bucks well spent.
I presume you have also considered the balancing act between gifts and inheritances and stepped up basis versus higher estate tax rates.
EDIT: Half of smart is knowing what you are dumb at. YA is not the place to get authoritative answers to complex legal problems. If you get an answer here from someone who seems to have half a clue what he is talking about that includes the suggestion "seek real professional help" it is the best free advice you are going to get.
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Oh! There are more. Sorry.
@MrSICKMOTHERFUCKER Speaking of stupid, it’s spelled “you’re”… not “your”. It’s also stupid to judge a mans words by the clothes he wears. Finally, it’s dumb to reach a conclusion without first researching the topic. In summary, you are dumb.
What a bunch of crap. It really shows how corrupt our legislators are when they'll only support the bailout bill if there are some goodies for their own causes. I wonder how many of them actually thought it was a bad idea but decided it was a good way to get what they wanted.
Each State of the Union has its own Statute of Limitations on unsecured debt. Usually somewhere between 4 and 6 years, starting from the LAST activity on the account. After that period of time, you can no longer be sued.
Account activity consists of any of the following:
Use of the credit card
Making any payment
Signing any debt settlement agreement(s).
ALL of the alleged debts that they try to collect from me are past the Statute of Limitations now. They are toothless predators.
Thank you.. It’s just what we ALL AMERICANS want to say.