Property Tax Reduction
If you bought your house nine years ago and have never done any work or repairs, is your property still worth the assessed value? You might want to view other similar homes with the same age and structure to see if you are paying too much money for property tax.
If a mortgage appraiser over exaggerated the fair market value price of your home so you could get the refinancing. Could this affect your assessed value? It might not play a big part in the assessed value, but it is considered when rendering the final assessment.
If your fair market value was overly appraised, when you try to sell it, you are going to lose money and still have a balance due on a mortgage payment. If a reputable appraiser says your property is worth a lower amount than expected then you are not going to receive the higher amount you desire for that property. If you property taxes are assessed for a house worth $1,005,000 and the property is only worth $800,000 on the market, you need to find a tax reduction and quick. You are over paying your taxes by thousands of dollars!
The best way to find the true value of your property is to have an appraiser come in, do a full inspection, and give you a report. If this report shows your property is lower than the assessed value and the fair market value, you have something to present to a taxing committee. In Florida, you can request a block of time in front of the taxing committee online. Appealing the property tax bill is one way to see a property tax reduction. Avoiding disputing the assessed value of your property and then try to sell a property that is over exaggerated in price is not going to be easy. When potential buyers view the property taxes, they could decide this is a bad deal.
You should always try to have an assessed value and a fair market value close in range. If it is, then your property taxes should be fair. If the values are extremely different, you need to rectify the issue as soon as possible or you will continue over paying the property taxes.
A property tax reduction also comes from applying for a different status on your property tax bill. If you bought a two family home (duplex) and converted it into a single-family home, you are entitled to a reduction in property taxes, only if you did not increase the value of the property. Single family and two family properties have different tax rates. You can have this adjusted by visiting the taxing authority and filling out the paperwork to change the classification of the property. Once this is accept by the committee, your property will be reassessed and a different tax rate will be used to determine your new property tax liability.