How To Minimize The Impact Of High Property Taxes

How To Minimize The Impact Of High Property Taxes

How To Minimize The Impact Of High Property Taxes

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BMRI guides you on how to minimize the impact of High Property Taxes.

 

BMRI have a team of smart and young people, to look into the customers benefit for minimizing high property taxes which other developers may not guide you. BMRI ensures the benefits are passed on to customers.

 

Property tax is a form of tax that is directly levied on all types of real estate property. These taxes can be really worrisome for the property owner, as they tend to rise steadily over time. Since people usually take a mortgage for their property, an added charge that increases with time is a further inconvenience. Instead of worrying when tax time rolls around, here are some steps you can follow to minimize the impact of high property taxes.

 

Limit Curb Appeal

 

Property tax is levied on the assessed value, which is determined by a tax assessor. The assessed value is calculated taking in various factors like the attractiveness of the house, comparison with neighboring houses, and also the general vicinity. So to ensure that your assessed value remains reasonable, you can avoid any fancy surface alterations, as this ensures that your house doesn’t appear too primped-out.

 

Avoid Structural Changes

 

The simplest way to evade high property taxes is to avoid house renovations, such as increasing the size of the house, adding a floor above the roof, or building a balcony. The tax assessor takes these structural addons into consideration, and usually, these changes are the reason for the substantial increase in the property tax.

 

Analyse Your Property Tax Card

 

Tax card is a document that provides detailed information about the property you own, such as the size of the plot, the accurate dimensions of the rooms, and the number and type of fixtures within the house. Information about any structural additions is also mentioned. You can collect this card from your local tax office and check for discrepancies in the information mentioned. If you find any error, you can raise a complaint to the tax assessor. This ensures that you don’t pay extra tax because of incorrect information.

 

Compare To Confirm

 

Usually detailed information about your neighboring houses is available in the local tax office. If you feel that your property has been unfairly assessed, you can always look through the property specifications and assessed value of other houses in your neighborhood. There are cases when the identical properties are given a different assessment value. In such a case, you can bring this issue to the tax assessor’s notice.

 

Accompany The Assessor

 

Most people don’t mind it if the tax assessor checks out their property on their own. This is not the best idea as sometimes, the assessor may look past the problems of the house, while giving your home an unfair higher assessed value. To avoid this scenario, always accompany the assessor during their visit. Point out things that might otherwise go unnoticed and present a clear picture of the property. Doing this will help the assessor be objective and hence lower the assessed value.

 

Source by Abishek Kumar

 

About BM Group

 

BM Group (BM™) is a company established in early 90’s and is based in Mumbai, India. BM Group (BM™) serves for Property Development and Real Estate Consultancy of residential, commercial, warehouse, land, and retail leasing in different regions of Mumbai, Palghar, Thane, Ahmedabad, and Rajkot.

 

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