First of all, every states property assessment process is very similar.  They all start off with the commonly accepted appraisal methods.  There is the cost, comparable, and income approaches.  As fair as residential they are mostly focused on the comparable approach.  This is where similar sold properties to the subject, are compared and differences are adjusted to the properties value.    

So the cities assessors department uses an appraisal method to determine the “fair market value” of your property.  I.e. what the property would sell for on the open market.  However, this is just an opinion of value.  All properties are unique, and all situations are unique.  This is the heart of the conflict with property tax appeals and where the tax payer must focus to prove to their city that they are over assessed and deserve a property tax reduction. 

Also, keep in mind that the assessor typically has thousand of properties to assess so it is common that they make mistakes.  It is also common that they will normally error to the cities benefit. 

Property Assessment – Assessment Ratio

Once the assessor, has determined their opinion of the fair market value of your property, he then multiples this value by the cities assessment ratio.  The assessment ratio varies from state to state and also varies from city to city.  It is also known as the sales ratio.  For example, in Birmingham, Michigan its 50%.

So if the market value of your property is $300,000 and your cities assessment ratio is 50% your assessed value would be $150,000.  Next the city applies the tax rate, or millage rate to the assessed value.  It may be in the form of a percentage or mills.   If your millage rate is 32 mills your annual real estate taxes would be:

$150,000 (assessed value) x .032 (millage rate) = $4,800 per year in real estate taxes. 

Per law we are not allowed to appeal the millage rate or the assessment ratio – only the assessed value…  If you decide to appeal your taxes this is where you will want to focus.  We strongly recommend that you learn more about putting together a good appeal presentation as your city will quickly shot down any appeals that are poorly presented and or have technical mistake  (Keep in mind that the cities want to protect their tax base).  

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In the last several years, we have seen real estate values drop significantly. However, assessed values, which are used to calculate how much is paid in property taxes, have not dropped at the same rate. If you live in Cobb County, Georgia, you have the right to challenge your assessed value and potentially lower your property taxes. If you have additional questions, please visit my website at www.samteasley.com

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More information on property tax reductions can be found here. property tax reduction or property tax appeal or real estate taxes

The methods that local governments use to assess property tax differ from municipality to municipality.  The first thing you need to do, in order to find ways to lower your property taxes, is to find out how the municipality in which you reside determines property value.

Review you property tax information.  The municipality that governs your property tax, in most instances this is the county, keeps records on your property.  These records include things like lot size, square footage, number of rooms, additions or modifications, and architectural style of the home.  Review this information to be certain its correct.

If your home is scheduled to be assessed, you might want to limit its appeal by not doing any cosmetic improvements to the outside of your property until after the assessment.  You also want to avoid interior improvements like new appliances, flooring, or countertops before an assessor

comes.

When undergoing a tax assessment, many homeowners simply allow the assessor to roam the property on their own.  Instead, take your assessor on a guided tour, making sure to point out the bad things about the property as well as the good.  In this manner you might make it more likely to get a realistic property assessment and possibly lower your property taxes.

After the assessment is done, the homeowner generally has a particular period of time in which to appeal the assessment.  A lot of homeowners think that there is no point in arguing with the tax authority and really never consider it any further.  You should at least give the assessment a thorough review.

If you think that your property is being valued too high, you can appeal to your tax authority.  You will probably be granted an opportunity for a hearing, at which time you must be prepared to back up your claims with solid documentation.  To do this, you can work with a real estate agent who can offer you information on comparable properties in the vicinity and you can check out what those properties are costing in taxes.  You can even get your property appraised.  This will cost around $300 to $500, but it may be worth it if you feel strongly that you are being over taxed.  It is good to have this sort of compelling evidence because local governments are not likely to reduce property taxes unless you can make a very persuasive argument for them doing so.

If you know how the property taxes are calculated and levied, you can save substantially.

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I would like to know the value history.

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Chintamani –
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Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.

Property taxes are a major concern for the commercial real estate landlord.  No matter where you are, they are not going down.  There is, however, a method for appealing commercial property taxes

Every community has a different way in which they assess the commercial property tax.  The first thing you need to do is to understand how the community in which you own commercial property assesses taxes against that property.  Next, find out where it is you go to appeal that assessment.  The Assessor’s Office generally does not handle appeals.  In some areas you will need to appeal to the County Commission.  If you have trouble determining who will hear your appeal, contact the Assessor’s Office and ask.  They should be able to provide you with that information.

Appeals usually attach a time limit; so make certain you prepare your appeal in a timely fashion.  In these tough economic times, you might find yourself waiting in line for a hearing to appeal commercial property taxes.

The typical appeal is a document asking you to quantify and qualify why you feel that your commercial property taxes are too high.  You will probably be granted an opportunity for a hearing, at which time you must be prepared to back up your claims with solid documentation.  Local governments are not likely to reduce property taxes unless you can make a very persuasive argument for them doing so.

There are a growing number of tax experts specializing in commercial property taxes.  You might want to consider hiring such an expert to represent your appeal.  They have experience in dealing with your local tax authority and should know exactly who to contact and how to proceed.  When you consider hiring such an expert, ask for references so you can speak with other commercial property owners and find out how successful the expert was in helping them.

Taxes on commercial property sometimes become unbearable.  If you feel they are unreasonable, there are ways to fight in the form of appeals

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www.californiamortgageandrefi.com Property Tax Assessment Warning and California Mortgage Rate Update for April 8th, 2009. Visit the website to get tips on possibly lowering your property tax.

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Chintamani –
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Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.

Property taxes are the way that most local areas collect the tax revenue that funds the services citizens need in that area. The level of taxation, the method of assessment and the exemptions that apply vary from one area to another. This article explains how the property works in Hennepin County, Minnesota.

Property taxes provide the basic means of funding essential services such as schools, roads, transit, fire, police and mosquito prevention in Hennepin County. The taxes are raised on a county wide basis and then distributed between the school districts, cities, townships and special districts. They are an attempt to share the cost of the services which are necessary for civic life on an equitable basis.

The level of taxation that the citizen pays is based on the market value of the property they own. Tax assessors calculate the market value of the property. The individual property is then placed in a category according to its estimated value. The actual tax that the resident pays is then worked out according to the millage rate. The millage rate is a formula based on the level of the county budget. It varies from year to year and depends on the amount that is needed to cover the budget based on the value of the properties assessed.

Residents will recieve a notification of the market value of their house as determined by the county tax assessor. There is an appeals process. If you think the valuation of your house is too high you can appeal. You must file uour appeal with the County Tax Board.

When your appeal is heard the Hennepin County tax assessor will explain why your house was valued as it was and what the assessment was based on. It is important to be able to explain why your house has been wrongly valued and make a case for a reduction.

If you win your appeal and the market value of your house is reduced you may be entitled to a refund of taxes already paid for previous years and to reduced taxation for the coming year.

Home improvements will normally increase the market value of your house and hence increase your tax assessment. However there are exceptions. If your house is more than 45 years old it may qualify for exemption under the “This old house” rule. An old house can be improved in some cases without becoming liable to higher taxation. This provision acts as an incentive to owners to improve older houses rather than allowing them to deteriorate.

There are also what are called Homestead exemptions. These apply to the primary residence of the tax payer. They do not apply to second homes or holiday homes. There are cases in which you can apply for a homestead exemption in which a qualified resident lives. Residents who are blind or severely disabled are entitled to homestead exemptions. You should file for homestead exemptions at the county offices.

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Professor Grant Thrall provides guidance on where to find property assessment data files in the USA. An example property assessment data file is accessed and brought into the GIS software. Subsets of the parcel polygon file are created for faster analysis. A flat file DBF is joined to the parcel polygon file using the common fields of PIN and PARCEL, both representing “Parcel Identification Number”

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Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.

People do not believe they can have any say when it comes to their taxes and assessments, but they are wrong. The economy is in an uproar right now and cost are rising all around us. We as consumers have the opportunity to take measures in many ways to help ease the financial burdens. Get yourself in the habit of questioning everything you spend money on by asking yourself if there is a way that you can somehow reduce this cost. I am going to discuss one particular bill that you have probably never even thought to question in the past. Your property taxes,based on your assessment, this is a major bill that you are faced with every year. I want you to read this article and relate it to your situation. Take this seriously because the chances are you will be able to save a substantial amount of money on your taxes.

The crash in the housing market has drastically reduced the cost of homes on the market. There are very few areas in the country where housing prices have not decreased exponentially. Entire neighborhoods have lost value in their housing. If your house has lost value, challenge the assessment. If you anticipate a silver lining in the black cloud of declining home prices in the form of lower property taxes you may be disappointed. The National Taxpayers Union figures that as much as 60% of taxable property in the U.S. is over assessed, largely because assessment cycles have not caught up with the decline in home values.

In California, for example, a home’s assessed value is based on its purchase price, plus increases of up to 2% annually. The house is not revalued until it is sold again. This means that the home owners are paying taxes on the value of the house when they purchased it plus any yearly average increases. The fact is the real value of the home has without a doubt decreased in the face of our recent economy but the chances are your assessment has not. To capture the price plunge of the past few years, homeowners must file an appeal and prove that their home’s assessed value exceeds its market value. In San Diego County, the assessor’s office processed 80,000 appeals in 2008; the average reduction in assessed value so far is $110,000, equivalent to a tax cut of $1,200.

Many jurisdictions calculate a home’s assessment as a fraction of its market value, so do the math to make sure your home is priced fairly unless you enjoy paying taxes. Also verify that you have received any breaks you are entitled to, such as a homestead exemption or a reduction for seniors or veterans.

If you believe your home property assessment is to high you have the right to appeal. Go to the assessor’s Web site or office to double-check the “property card” and any working papers for your home. Are the figures for square footage and number of bedrooms and bathrooms correct? Has the assessor accounted for any features that could detract from your home’s value, such as an irregularly sized lot or a carport instead of a garage? Pull the property cards for five or ten neighboring homes that are similar in terms of age, style and features. If the assessments on similar properties are a lot lower-1O% or more you have a good case based on uniformity which means you could be paying less taxes. Everything you need is public record, meaning you have every right to request and receive the information.

If you believe your home’s assessment exceeds its market value, you will have to provide sales-price data for several comparable homes. You can get that information from a real estate agent, or check the local public library or your clerk’s office. Ask the assessor whether a recent appraisal for, say, a refinancing is acceptable proof of .your home’s market value.

Read your assessment letter for details on how to appeal. You will probably have two windows of opportunity. During the first, you may request a reduction in the assessment of your home for the forthcoming tax bill. During the second, you may appeal for a retroactive reduction and refund of taxes paid.

Until your appeal is resolved, pay your taxes in full to avoid incurring penalties and a lien against your home. As a last resort, you could go to court, but that is an expensive process usually best suited for commercial property owners with more at stake. You may see advertisements for companies that will help you appeal your assessment, often in exchange for about half of any savings on your taxes. But with the right preparation, you can do just as well yourself using a guide such as How to Fight Property Taxes ($6.95), from the National Taxpayers Union (www.ntu.org). The NTU’s Web site also has links to state and local taxpayer associations that may offer further insight into the appeals process.

In today’s economy you have to be proactive, every area of your life that you can save money you must take advantage of. As a home owner you have rights and just because the tax bill comes from a government agency does not mean that they are always correct. Exercise your rights and challenge your tax bill if you believe your home assessment is to high.

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Professor Grant Thrall provides guidance on where to find property assessment data files in the USA. An example property assessment data file is accessed and brought into the GIS software. Subsets of the parcel polygon file are created for faster analysis. A flat file DBF is joined to the parcel polygon file using the common fields of PIN and PARCEL, both representing “Parcel Identification Number”

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Howard Platt –
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Hi, I have been a Financial Adviser for my entire adult life. I have helped hundreds of clients achieve financial independence by helping them set up additional income streams. The process is much easier than most people tend to believe. Visit this site http://www.avenuesofincome.com and you will find a book I wrote that gives step by step instructions to achieving success.

[...] If you are concerned about any of the statements on your property tax bill, especially the property tax assessment value, you might want to consult with a property tax attorney. Although you can do the process yourself, you may feel overwhelmed by the legalities and find it necessary to have help. You can look in your local phone book under attorney’s ad then look for a lawyer that specializes in property tax issues. You may need to talk to a few attorneys before you find one that can help you with your case.

The property tax attorney can also help you if you owe delinquent property taxes. They can help you save your property from a property tax auction. Whether you need an attorney for fighting a high assessment value or for help establishing a payment plane to pay delinquent taxes, you should find one that specializes in these areas. A divorce lawyer or a estate lawyer may not be the best choice in this case. You need someone that understands the tax laws, and has dealt with property tax issues. This will benefit you more than you could understand. Someone that knows the tax laws is more qualified.

Some people may feel this is extreme for lowering your tax liability, but when you consider the years of taxes paid at a higher assessment rate, you are better off paying an attorney with knowledge and a proven record of accomplishment than paying several thousand dollars over the course of many years. Property assessments are not done every year and when they are done, they very rarely go down, but rather they go up. This will cause problems if you decide to sell your property. Many people look for the assessed value as well as the fair market value.

If you need a property tax attorney, you will find that they are qualified in most areas of the laws governing taxes. You may use a tax attorney to reduce your tax liability on county taxes due, if your property is tax exempt and the bill says that is not. You can also use a property tax attorney if you find your tax bill states your home is a two family home rather than a single family home. This matters because, you are suppose to have less tax liability for a single-family home than a two family home.

The property tax attorney will need all the available documents. The attorney will more than likely ask a private company to do another assessment of the property. This just ensures that you have grounds for an appeal. If the private company finds the assessment to be accurate, you might need to reconsider your appeal. [...]

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In the third part of this series on real estate law in Michigan Attorney Brad Aldrich discusses the issue of Property Tax Assessment. He explains the time line of this process, the players involved, and a high level strategy for property owners.

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Think these tips were good? Visit http:/evanchristy.com for more tips that are EVEN better!

In most cases, local officials make a periodic assessment of your property in order to determine its value.  This value is then attributed to a property tax.  You must pay this tax every year.  The tax is assessed in return for services such as police, fire, ambulance, road repairs, street lighting, etc.

The methods that local governments use to assess property tax differ from municipality to municipality.  The first thing you need to do, in order to find ways to lower your property taxes, is to find out how the municipality in which you reside determines property value.

Assessment is the key element in property taxes.  Your property tax is based upon the assessed value of your home.  But have you ever had a property tax assessor in your home?  The answer is probably no, and there is a good reason for that.  Most property tax assessments are done as drive-bys.  Similar to the shootings, the assessor just drives by your house and takes a pop at what you’ve got.

These assessors are usually independent contractors, hired by the county.  They have literally thousands of assessments to do, and because of this, the drive-by assessment has become standard.  Such an assessment, however, often leads to faulty information.

There could be incorrect information on your property assessment regarding the number of bathrooms and bedrooms, the type of heating or cooling, the number of garages and out-building, and more.  If you pull your assessment records and check them, chances are there are errors upon which you can build an appeal.

If you think that your property is being valued too high, you will probably be granted an opportunity for a hearing, at which time you must be prepared to back up your claims with solid documentation of this type.  It is good to have this sort of compelling evidence because local governments are not likely to reduce property taxes unless you can make a very persuasive argument for them doing so.

Even so, most property tax appeals are resolved at the informal hearing which is generally the first step in the appeals process.

Figuring that a property tax hearing generally takes about an hour, it is time well invested.  When faced with unfair taxes, it is best to become the squeaky wheel.  Too many people believe that you cannot fight city hall or that it isn’t even worth trying.

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Get your questions answered during the Customer Review Period. Distributed by Tubemogul.

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Chintamani –
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Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. His famous Tax eBook “Stop donating your money to IRS” which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax. Just visit his website http://www.planningyourtax.com/ and claim your FREE eBook.

Your Property Buying Toolkit. As with any task in life, it pays to be prepared and have the right tools to hand when evaluating prospective property purchases. So what do you need in your property assessment tool kit? Here is a list of basic tools that will be helpful :

Have a good Pen or two, you need to make notes.

# A Notebook is better than loose-leaf paper, it keeps your notes together.

# A Clipboard helps when making notes in difficult places, it is best to get one with a cover in case you are out in wet weather.

# Some kind of distance measuring device; a tape measure is good, but if you can afford it the laser or sonic measuring units make the job a lot easier.

You will need to know the size of the rooms to estimate any refurbishment costs.

# Have a Spirit Level along too, even a small pocket size one will do. You should know what surfaces are not level or true and might need further investigation.

# A Damp Detector is an essential piece of kit as most kinds of internal damp will point at a potentially large problem elsewhere. These pocket size units are not expensive and could save you a lot of money.

# A Torch is a good idea for poking around the loft or basement and when visiting properties in the dark that may have no external lights or even no current power supply.

# A Calculator is also very helpful in case you need to work out figures on the spot to make an offer, work out commissions or estimate repair costs.

# A Camera can be useful to record any problems or simply as a memory aid, if you view several properties in one day they can sometimes all blend into one memory. A photograph of the outside will at least distinguish between the different properties. A digital camera is ideal so you don’t have developing costs. Polaroid cameras are very good too, so you can get an instant photo on the spot.

# Utility Tool. Something like a Swiss Army Knife or a Leatherman style multi-tool can be very handy if you need a screwdriver, knife or some other implement to complete you property examination.

# Gas and Electric Meter Cupboard Key, it can be helpful to check what kind of meter is installed and what the current readings are. Some properties have Pay As You Go card meters.

To tie all these tools together you should have a comprehensive Homebuyer Report or some kind of Checklist. It is easy to miss things when walking around a new property, make sure you check as much as you can on your first visit and note it down in a format that means you can compare it with other properties that you have assessed.

The above list is just a suggestion of tools that may be useful when assessing any property for purchase. You never know what you are going to run into so it pays to have a good toolkit along every time. There may well be other tools that you like to carry or have found useful in the past, but it pays to make your toolkit as compact as possible, so that you aren’t lugging a huge toolbox around with your all the time. /www.homes-seekers.net“>Buying and Selling Checklist

Once you have decided on your purchase things can get pretty exciting and everything starts to move very fast.

Several months down the track there will be a lot of information that you will need and no one else is going to collect it for you, some of it may even have disappeared or changed by that time. So it is important to know right from the start the information that is going to be needed later on and make sure you collect it as soon as possible. It is even more confusing if you have a number of properties being bought and sold at the same time, so make sure you have an effective filing system and make us of it.

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Seth Lubin, Esq. of Lubin & Lockwood, PA, a Property Tax Reduction Law Firm, explains how to Appeal Your Property Tax Assessment. Visit www.lubinlockwood.com for more information.

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Kelowna residents received few surprises in the assessments of their properties during last week’s mailing of property assessments. Many homeowners in the town saw slight changes in their homes’ values, ranging from a five-percent decrease to a five-percent increase.

Mark Wooldridge, assessor for the area, advised that the specific numbers are capable of varying among properties. He said that the majority of some 80,000 Kelowna homeowners would see an assessment of property values that is more in keeping with the actual real estate market than those projected in previous years. Wooldridge noted that during the past two years, the market moved so fast that residents perceived their homes were assessed below value. Assessments are conducted in July, but are sent to homeowners in January. He said that in 2009, the market experienced adverse conditions that had not been seen in 20 years, and many assessments were seen as being too high. Wooldridge said that the province has tried to minimize the highs and lows in assessed values. He noted that in for Glenmore, the single-family home median price is approximately $414,000, down from $451,000 in 2008. However, the median price in that area was $361,000 in 2007.

Some areas, such as waterfront properties, have been more impervious to market volatility. Some towns, such as Revelstoke, Keremeos and Greenwood, have actually seen increases in their property values due to strong sales at premium prices.

The Assessment Roll for Central Okanagan increased to $40.1 billion in 2010 versus $39.1 billion in 2008. This rise is attributable not only to property value changes, but also new subdivisions, new home construction and rezoning.

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Professor Grant Thrall provides guidance on where to find property assessment data files in the USA. An example property assessment data file is accessed and brought into the GIS software. Subsets of the parcel polygon file are created for faster analysis. A flat file DBF is joined to the parcel polygon file using the common fields of PIN and PARCEL, both representing “Parcel Identification Number”

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Jason Luke – Properties For Sale In Burnaby

Those who own properties pay taxes for their properties every year. The tax rates are always determined by the local governments of your area in which you live and depending on the needs of the municipality. Sometimes, the rates of these taxes are assessed using the mill levy. At times, one mill is equivalent to one US dollar of the property assessed.

To determine the estimated amount that one has to pay for his or her property, you need to ask the value of appraisal of the property you ant to determine the tax. When you multiply the appraised value by 11or 11.5 percent for homes or properties that belongs to you and commercial/industrial properties you multiply it by 24 or 25 percent depending on what the local government of you municipality has decided. So, if you look carefully, you will discover that people pay property tax depending on the area in which they are and the budget of that locality. E.g. those living in Georgia will not pay the same tax as those in New York .

If you own any property, take not that only two things can determine the amount of tax you have to pay for that property. That is, the tax rate given by the government of that locality and the value of your property also counts.

The kind of property to be assessed that is the real property may be looked upon as land or any permanent structure. For example, we can consider vacant land, buildings that occupies offices, houses, farm lands etc. Not all real properties are taxable, properties such as properties owned by the government of that locality or any religious properties.

The assessment of a property is usually based on the value that the property will sell. And this assessment is done by assessors who are appointed or elected by the local government of that locality. Take note that, if your assessment value is equal to the selling price of you property, then know that your assessment has failed.

For a tax rate to be final, it must be divided to the different municipalities. An apportionment may occur if you are having you property in two different cites or towns.

Your property tax increases when, the budget of the local government in that locality has been increased or when the value of assessment has also been increased.

If your business is in a historic building or the building is of great importance, this may case you to pay low or high property tax to the local government of your area. Some governments will tax businesses in historic buildings to pay high property tax, while others will not demand high.

The issue of property tax has made many business people not to increase their properties because, there are afraid their property tax will be increased. But, for the case where you are a homeowner and like to improve on your house, the property tax will not be increased. So homeowners can improve on their homes without paying more property tax.

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Professor Grant Thrall provides guidance on where to find property assessment data files in the USA. An example property assessment data file is accessed and brought into the GIS software. Subsets of the parcel polygon file are created for faster analysis. A flat file DBF is joined to the parcel polygon file using the common fields of PIN and PARCEL, both representing “Parcel Identification Number”

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Eric Mabo –
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Eric Mabo is an Atlanta foreclosures Expert. He helps people find discounted real estate deals. His Website is http://www.doyenrealty.com