Property Taxes Increase With Home Prices

By: Martin Lukac
Submitted: 2007-01-17 16:17:26
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With the increasing value of your home comes the increasing bill from your property taxes.

Property tax collections have increased 35% from 2002 to 2006, according to U.S. Census Bureau data.

With high property taxes pressuring the budgets of many homeowners, consumer backlash has been seen across the nation. At least 15 states currently have tax-cut proposals in the owrks, according to the National Taxpayers Union.

If you have found that your property taxes have increased, you may be able to take action. Look closely at how your property was valued. The American Homeowners Association reports taht approximately 60% of homes are assessed too high.

Look at your assessment to make sure that all the details are correct. Are the right number of rooms listed? Is the lot size corect?

There are things that will lower the value of your home. If you point out these details, you may find that your home will be assessed lower.

In general, you usually have between 60 to 90 days to contest a new tax assessment. Few homeowners will actually contest, but as many as 70% who do find an error that gives them a lower tax bill.

First, go directly to the assessor. Bring with you evidence that shows your assessment may be wrong.

"There are two types of low-hanging fruit," said AHA president Richard Roll. "One is mechanical errors where they say you have a heated basement and it's not. The other is errors of judgement, where they assume your property is like someone else's."

Martin Lukac represents www.RateEmpire.com, an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at www.1AmericanFinancial.com and San Diego loan portal www.LendingSanDiego.com

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