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    Categories: Finance

Are your property taxes outrageous? Tips to lower them down

Owning a home is one of the greatest achievements that an individual can hope for. The advantages of owning a home include forfeiting the monthly payments you used to make for your rented living quarters. You can also style your home in a manner you like, something you were not able to do at your rented apartment. Home and property ownership also improve your financial standing since you can use the property’s deed to secure funding for further development or for emergencies. With all these plus points associated with property ownership, there is the small matter of property taxes. It is mandatory for properties owners to pay taxes to the government; taxes that will be used for social and economic activities. When unchecked, property taxes can get very high and no matter how patriotic you are, property owners always wish that they were paying fewer taxes for their property. If that’s the case then you are at the right place. Here are tips on how to lower the taxes you pay for your property.

1. Limit the outdoor structures in your home.

Your property taxes get high with every structure that you erected in your home. To lower your property taxes, you thus have to limit the structures in your home. Are you thinking of adding a garage in your compound? Well, that comes with added property taxes. The same applies toother structures such as decks, swimming pools, and sheds. Before building any of these structures in your home, get an assessor to determine the extra taxes that you will incur as a result. If the amount goes beyond what you’d consider reasonable, then you should put off the constructions until you can afford the extra taxes.

2. File a tax appeal.

If you feel that you are paying too much property taxes for your home, then you should file an appeal with your local tax agency. It should be noted that tax rates are constant as set by law and they cannot change. So you cannot appeal to have the tax rate lowered. What you should appeal for is a lower valuation of your property so that you end up paying lower taxes. Your local tax office will then initiate the assessment to see if the value of your home is lower than was earlier indicated.

3.Inquire to find out what your neighbors are paying in taxes.

With all the inefficiency in public offices, you will be surprised to find out that your neighbors are paying lower taxes than you for similar properties. When presenting your valuation appeal to your local tax office, knowledge of the taxes your neighbors are paying will greatly aid your case. So if you are not friendly with your neighbors, this is the right time to do so. Find out if they have other structures in their homes and whether those structures have any impact on the amount of taxes that they are paying.

4. Get the value of your home assessed by a profession.

Filing an appeal with the tax office may take very long. The bureaucracy in government operations could see your appeal drag for a very long time. You should, therefore, hire a professional assessor to determine the value of your home. The assessor should be licensed and accredited by the necessary government departments. Once the valuation is done, present your case to the tax office and let them initiate the tax reduction measures. Taking this route is costly, but it will help you determine the true value and worth of your home at a given time, as well as helping you reduce the amount you pay to the government in the form of property taxes.

5. Glamorous homes attract higher taxes.

The state tends to affix higher taxes to glamorous properties. So if you want to pay lower taxes, you should strive to keep your home’s curb appeal down. When you are buying property for sale in turkey, you should get those that are less glamorous since they attract less tax. Once your ‘less-glamorous’ home has been assessed and your taxes determined, you can go ahead and style it up.

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