×
×
homepage logo
STORE

Lowering property taxes

By Staff | Dec 19, 2008

Q: Bob, with the property values going down and the taxes not equal, what is the best way to lower your property taxes?

D.C.

A: About 90-percent plus of residential homes are over assessed, yet only one in 50 homeowners challenge their property tax assessments. What’s more, many Americans don’t realize that they may be entitled to exemptions that could result in 5-20 percent plus of their bills. Unfair or inaccurate assessments for many reasons.

Here’s how to appeal your property tax assessment – and win:

OBTAIN YOUR PROPERTY TAX ASSESSMENT REPORT CARD from your local government’s tax assessments office, and review your property description. Look for defects that were omitted- such as proximity to noisy streets or traffic- and inaccuracies in the number of rooms and square footage.

ASK THE ASSESSOR’S OFFICE TO PROVIDE COMPARABLE PROPERTY PRICES (AND ASSESSED VALUES in your community so you can be sure that your home is not being overtaxed. The Freedom of Information Act and “right-to-know” laws entitle you to any and all information relating to your property including property assessments lists, zoning maps, property tax exemptions, such as those for veterans, the elderly and disabled and low income homeowners, etc.

IF YOU BELIEVE YOUR ASSESSMENT IS INACCURATE, ask the assessor’s office in writing to lower it. If the request is denied, you will need to go through a formal appeal. Ask for a list of procedures and deadlines. In cases of higher-value homes, you might want to hire an attorney if it becomes necessary to go to court. This should answer quiet a few letters and e-mails.

Q: I’m thinking of selling my home myself especially in this market, any suggestions?

Brenda

A: Yes, be very aware of “pitfalls” awaiting you as a “FSBO” or for sale by owner.

Should you list it with a real estate broker or take the for-sale-by-owner route? Before deciding, consider some potential obstacles awaiting you.

Without question, if you are able to sell your own home, you gain by not having to pay a sale commission.

However, be aware that, typically, people who shop for FSBOs except you to bargain more liberally on the sales price than might be the case with a listed property. In other words, both you and the perspective buyer are looking to profit by “saving” the sales commission .

In as much as 8 out of 10 homes sold today are listed with a real estate broker, your home will be competing with these other homes for “exposure.” Most home buyers, who usually don’t pay a sales commission, go through a broker once they get serious about their home search. You can be assured that FSBOs won’t be among the home sales professionals that will be showing prospective buyers because that would mean that they would wind up working for nothing/free, since they would receive no commission!

You’ll also have to devise a way to separate the “good” from the “bad” where potential buyers are concerned. While real estate professionals (especially in this market) “qualify” buyers before they even looking for properties, you’ll probably have no way of doing that. This means you’ll undoubtedly end up wasting time and effort on people who can’t buy your home even if they wanted to!

Despite all of this about 10 percent or a little less of homes are sold FSBOs, and, if you are up to trying it , you might be one of the lucky ones, if not, do yourself a big favor and call a Realtor! For all of my readers, happy holidays!

Have a real estate question? Write, call, fax or e-mail:

Bob Jeffries, Realtor, Century 21 Birchwood Realty, Inc.

4040 Del Prado Blvd., Cape Coral, FL 33904

239-540-6659 Office 239-542-7760 Fax

bobjeffries4@juno.com