If you ask just about any homeowner about property taxes, they will tell you that they pay too much. Property taxes are real estate taxes that are calculated by local governments and paid by homeowners. They are assessed according to the value of your property. 

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Revenue generated from property taxes is often used to fund local projects and services, such as education, public recreation, fire departments, and law enforcement. These services benefit all residents, but property taxes can be a burden for the individual homeowner. They often rise steadily over time. Even after your mortgage has been paid off, you still have to pay property taxes. Some states and countries have better property tax levels than others, in order to encourage more investment in property and business, such as act 60 tax incentives in Puerto Rico. 

You can never escape property taxes entirely, but there are some simple tricks to lower your property tax bill. 

Ask For Your Property Tax Card

Most homeowners don’t know that they can ask for a copy of their property tax cards from their local assessor’s office. The tax card will give you some information that the town has gathered about your property. 

The card should include information about the size of the lot, the dimensions of the rooms, and the number and type of fixtures in the property. It may also include a section on special features or notations about improvements that have been made to the existing home. 

If you review this card, make a note of any discrepancies and raise these issues with the tax assessor. The assessor can correct the card, or carry out a reevaluation. Mistakes are common, so this is well worth doing, as the township is obligated to correct them. 

Don’t Build

Any structural changes that you make to your property will push up your tax bill. A deck, a pool, or any permanent fixture that you add to your home is presumed to increase the value. 

If you do want to make a new addition to your home, check what doing so will mean for your tax bill before you start any work. Your local building and tax departments should be able to advise you. 

Limit Curb Appeal

Tax assessors are given a strict set of guidelines to follow as part of the evaluation process. However, this assessment does still contain a bit of subjectivity. This means that a home that appears to be more attractive from the curb will often be assessed at a higher value than comparable houses that don’t look as appealing. 

Your property is being compared to the houses of your neighbors during this evaluation. It might be tough to do, but to resist the urge to primp your property too much before the assessor arrives. You should be able to plan ahead, as the assessor will normally plan their visits in advance. If you can, avoid making any physical improvements or cosmetic alternations to your home, such as new countertops, until after the evaluation has been completed. 

Research Your Neighbors

Information about your home is available at your local town hall. However, sometimes information about other home assessments in your area is also accessible by the public. 

Review some comparable homes in the area and some general statistics about the town’s evaluation results. You might be able to find discrepancies that could help you lower your taxes. For example, imagine that you own a four-bedroomed home that has a one-car garage, and it has been assessed at $250,000. Your neighbor also has a four-bedroom house, but they have a garage for two cars, a pool, and a large shed. Despite these extras, your neighbor’s home has been valued at $235,000.

Unless your property has some other features that could explain the discrepancy, the assessor probably made a mistake that you can have corrected.

Walk The Home With The Assessor

A lot of people just let the tax assessor walk around their homes without a guide during their evaluation. This can be an error. Some assessors will only notice the good things in your home, such as your new fireplace or the marble-topped counters in the kitchen, and end up overlooking your outdated appliances or the cracks forming in the ceiling. 

To make sure this doesn’t happen, walk your home with the assessor, and point out both good and bad points. This should help to ensure you get the fairest valuation that you can for your home.