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Tips & Tricks for Appealing Property Taxes

Guest post by: Patrick Oconnor

Article Overview: Although 75% of property tax appeals are successful, the owners save an average $ 450, only 7% of homeowners appeal each year. Research shows five main reasons homeowners do not appeal

Tips & Tricks for Appealing Property Taxes

Although 75% of property tax appeals are successful, the owners save an average $ 450, only 7% of homeowners appeal each year. Research shows five main reasons homeowners do not appeal:

1. The process seems deluging and do not know to appeal.

2. They do not believe that the appeal is belike to be successful.

3. They think that the appraised value of your home is below market value and there is no basis for appeal.

4. They do not realize that they can appeal on unequal appraisal, (being assessed for more than comparable properties).

5. They are very busy and do not want to spend the time, given the assumption that “you can\'t fight city hall.”

Consider an appeal for a $150,000 house where the value is cut down by 5%. On the basis of 3% tax rate, this would reduce the assessed value by $7,500 and the property taxes by $225. These are meaningful savings, because the typical appeal hearing takes less than an hour, for the time involved. Appealing your property taxes on a regular basis will minimize the value, so you are assessed at the low end of the range. At the informal hearing, the first step of the process, most of the property tax appeals are settled.

Minimizing taxes includes regularly appealing property taxes and considering options for income tax reduction. In some cases, tax planning needs to occur years in advance. For estate tax planning, it may be prudent to start decades in advance. Some tax reduction options can be performed after the fiscal year has ended, including a fixed asset audit, cost segregation study and abandonment study.

Minimizing taxes requires a modest investment of time. High-income taxpayers are often reluctant to divert time from production activities. However spending two to four hours with an advisor often reduces taxes by 20 - 50 %. IN some cases, it is possible to completely eliminate taxes for several years. This modest investment of time can substantially increase after-tax income.

Reduce your property taxby contacting Oconnor & associates. Oconnor & associates can represent you at theFort Bend central appraisal district.

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Article Tags: Houston, property tax appeals, property tax consultants, Property tax reduction consultants, property tax reduction services, tax deduction consultants, tax deduction services, Texas



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