Slash Your Property Taxes with These Four Tips

There are several reasons why your property taxes could be higher than what they actually should be. For one thing, you may have purchased your home during the time when the housing bubble made everything more expensive. But you don't necessarily have to live with the same cost for your property tax as when you first moved in. Here are some ways you can cut your property taxes and save money.

Visit your local assessor's office. Before you can think about slashing your property taxes, you need to find out what that actual number is based on. The criteria for determining property taxes varies from county to county. Your assessor's office can tell you exactly how they arrived at your figure so you can begin taking steps to reducing the amount you pay.

Look for mistakes. Mistakes are made all the time on property tax assessments which can be costly to the person paying those taxes. Ask to see the record of your property taxes and make sure the size of the property listed on your document is the actual size of your property. Also, make sure the number of bedrooms and bathrooms listed is correct. These could have an effect on how much you pay in property taxes.

Compare the market values in your area. Most places base the home's property taxes on the market value of your home. You should make sure the value listed on your property tax assessment is close to the price that you could sell your home for. Look for the values of other homes in the area to start determining the actual market value for your home and even get an appraisal if you think it will make a big difference.

Submit your claim in writing. If you decide to make an appeal to lower your property taxes, put it in writing and list the reasons why you think it should be lowered. Submit your appeal to your county assessor's office. You may be asked to appear at a hearing before the board can reach its decision.