Property Tax Breaks for Homeowners

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Subject Author Date Property Tax Breaks for Homeowners Richard 07-08-2009  Re: Property Tax Breaks for Homeowners Diogenes 07-08-2009  Re: Property Tax Breaks for Homeowners Avrum Lapin 07-08-2009  Re: Property Tax Breaks for Homeowners paulthomascpa 07-09-2009  Re: Property Tax Breaks for Homeowners AndyS 07-09-2009  Re: Property Tax Breaks for Homeowners Russ in San Diego 07-08-2009  Re: Property Tax Breaks for Homeowners Mark Bole 07-08-2009  Re: Property Tax Breaks for Homeowners Stuart A. Bronstein 07-09-2009  Re: Property Tax Breaks for Homeowners Tom Russ 07-09-2009
Posted by Richard on July 8, 2009, 2:39 pm Please log in for more thread options I am a freelance writer working on an article aimed at homeowners on the various financial aspects of home ownership. I am particularly interested in any comments on property taxes and would welcome any comments on the following: 1. Is it worth it to ask for a reassessment of property in order to lower taxes? Or is this usually a waste of time? 2. I know there may be particular loopholes from locale to locale, but are there are general ways to reduce property taxes that many homeowners don't know about and should consider? (For example, in New York, the state picks up some of the cost of local school taxes for senior citizens.) -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Diogenes on July 8, 2009, 6:54 pm Please log in for more thread options Richard wrote: > I am a freelance writer working on an article aimed at homeowners on > the various financial aspects of home ownership. I am particularly > interested in any comments on property taxes and would welcome any > comments on the following: > > 1. Is it worth it to ask for a reassessment of property in order to > lower taxes? Or is this usually a waste of time? > > 2. I know there may be particular loopholes from locale to locale, but > are there are general ways to reduce property taxes that many > homeowners don't know about and should consider? (For example, in New > York, the state picks up some of the cost of local school taxes for > senior citizens.) > --- I've gone to the Assessor several times when I was over-assessed. Usually they reduced the tax without a hearing. Once I was turned down and had to go to a hearing. At the hearing I showed that the condo just above mine, having the same sq. ft. was assessed for less, and the board reduced mine to slightly less than the other one on the floor above. If you've recently purchased the property, it can be reduced to the amount you paid for it. In Texas there is an exemption if you are over 65. You need to take a birth certificate to the appraisal district. The Central Apraisal District sets the value for the City, County, School, Hospital Dist. and any other taxing agency such as a Community College. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Avrum Lapin on July 8, 2009, 7:15 pm Please log in for more thread options > Richard wrote: > > I am a freelance writer working on an article aimed at homeowners on > > the various financial aspects of home ownership. I am particularly > > interested in any comments on property taxes and would welcome any > > comments on the following: > > > > 1. Is it worth it to ask for a reassessment of property in order to > > lower taxes? Or is this usually a waste of time? > > > > 2. I know there may be particular loopholes from locale to locale, but > > are there are general ways to reduce property taxes that many > > homeowners don't know about and should consider? (For example, in New > > York, the state picks up some of the cost of local school taxes for > > senior citizens.) > > > --- In the early 90's when California Real estate took a dump the San Bernardino county (CA) elected Tax Assessor went around to civic and fraternal groups and spoke about how to get your property reassessed (and handed out forms and instructions). Recent buyers could get a lower assessment and hopefully remembered who told them about it. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by paulthomascpa on July 9, 2009, 8:16 am Please log in for more thread options > If you've recently purchased the property, it can > be reduced to the amount you paid for it. That's not always the case, especially these days. County tax appraisers may look at a sale as one that is below FMV, and given the number of foreclosure sales they have standing to hold the higher value when the sale wasn't even close to FMV. In my county they tag the sale as a "questionable FMV" sale, keep the higher assessed value, and throw that property off for any comps. This keeps you from buying property, selling it for $1 to your wife, child or other relative to proclaim a lower sales price based value. It doesn't work like that. -- Paul Thomas, CPA Watkinsville, Georgia -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by AndyS on July 9, 2009, 2:02 pm Please log in for more thread options > > In Texas there is an exemption if you are over 65. You need to take a > birth certificate to the appraisal district. The Central Apraisal > District sets the value for the City, County, School, Hospital Dist. and > any other taxing agency such as a Community College. > > Andy adds: Additionally, if you are over 65 and in your principal residence, your tax bill can be "frozen" for most of the taxing authorities, including school tax (the biggest), and your tax bill will be the same for the rest of your life, or until you sell or move. ( If you make improvements, it may be adjusted to a higher value based on the improvement, and frozen there ) Also, in Texas, a homeowner can file what is called a "tax affadavit" with the local assessor and ALL tax collections on the residence are stopped and put on the residence as an accumulating lien. The lien, which accumulates at 8% interest, does not have to be satisfied until the property is sold, or the owner dies . This effectively eliminates the owner's obligation to pay, and transfers that obligation to the heirs...... I don't know if other states have these provisions, but it is very handy and I will die owing the government a BUNCH of money...... Almost makes me look forward to it :>))))) Andy in Eureka, Texas -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Tax breaks for buying brand new house March 28, 2007, 6:13 pm Advice, selling, renting, and tax breaks April 9, 2007, 2:12 am Re: Fed Income Tax on non-profit Homeowners Association June 3, 2006, 9:44 am depreciation recapture and the homeowners exemption July 30, 2008, 11:16 pm IRS To Help Homeowners Refinance Or Sell Homes December 16, 2008, 11:31 pm Question about land and property basis for a rental property January 18, 2007, 4:01 am Property Tax December 9, 2008, 4:58 pm Re: Is This Section 179 Property? 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