The Oldest and Most Trusted Real Estate News Magazine

How to Lower Your Property Taxes

How to Lower Your Property Taxes

Half of all homeowners may be paying too much.  Here’s what you can do about it.

Home prices are still going down in many markets. But your property-tax bill might well be going up.

The good news: There are ways to fight back.

Property taxes across the U.S. have increased by nearly 20% from 2005 to 2009, the most recent data available, according to an April study by the National Association of Home Builders. The median annual real-estate-tax payment was $1,917 in 2009, up from $1,614 in 2005.

Over the same period, home prices in major urban centers fared badly, decreasing 31%, according to the Standard & Poor’s/Case-Shiller 20-City Composite Index.

Property taxes don’t move in lockstep with home values because local governments typically don’t measure values every year and some have limits on annual property-tax increases, says Natalia Siniavskaia, a housing-policy economist at the home-builders group. That means your current property taxes might reflect your home’s value when the market was healthier. Property-tax adjustments lag behind changes in home prices by an average of three years, according to the Congressional Budget Office.


Read the rest of How to Lower Your Property Taxes »

For more articles like this, please visit our Real Estate Investing Blog.


© 2011 by Marco Santarelli and Norada Real Estate Investments.
Your Premier Source for Turnkey Investment Property.

Tags: , , ,

Sitemap Madbadcat Graphics