Have you recently looked at your property tax bill and realized that it increased a lot more than you thought? You are not alone! Many cities, counties, and even neighborhoods have been hit with a property tax increase. Don’t worry, I’m going to give you some tips on how to fight it.
Why did my property taxes increase and what can I do about it? There are many reasons why your property taxes increase, here are just a few:
Local Politicians – Your local legislature voted for an increase (a reason why you want to stay knowledgeable of upcoming community projects and tax increases that your local representatives are proposing).
Assessed Home Value – You’ve added an addition, another bedroom or bath are a few items that would increase your assessed value.
Homeowner Exemption-If you are living in your home, make sure that your property tax reflects a homeowners/homestead exemption. Various counties offer different exemptions such as – Longtime Homeowner, Returning Veterans, Disabled Veterans, Disabled Persons, Home Improvement, Senior Citizen, Senior Freeze, etc. The forms and deadlines should be located on your county assessor’s website.
Property Tax Error – People make mistakes and sometimes there is an error in the system where your property could be taxed at an incorrect rate. You might want to hire an attorney to help dispute your property taxes. There are many attorneys that specialize in disputing property taxes and/or to help you file your exemption forms. I suggest you ask a trusted source for a recommendation or do some research to find the right attorney for you.
Hight Tax Area – Some areas are known for having high areas just like there are
high tax rate states. If you really are tired of living in a high tax rate, you do have the option of moving to another city or state that has lower taxes. Life is too short, so you want to make sure you put yourself and your family in a position to succeed as much as possible. There are a lot of great trusted sites that provide updated information on cities and/or states with highest or lowest taxes to help you make a decision. (“Comparing Average Property Taxes for All 50 States and D.C.” -USA Today –Click Here)
Homeownership comes with a lot of responsibilities. You need to stay on top who is being voted into your local office, community projects and making sure that you’re taking advantage of any tax incentives that you qualify for. If you stay on top of it, you shouldn’t have any surprises.
Written By: Shena Omotola, Dream Home Specialist & Broker Owner of Skyward Realty – Skyward Realty services Chicago, Suburbs, and Northwest Indiana
P.S. Feel free to email me any questions. I’m always here to help. Check out my recent resources for first time home buyers and sellers.
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