How to Save My Property Tax?

Discussion in 'Chit Chat' started by nicolenik, Mar 19, 2012.

  1. nicolenik


    Hi I have recently Buyed a new Home and Tax of that home is too high in prospective to the cost of the home.Please can anyone help that how can i reduce my property tax?
  2. Why did you buy the home if the property taxes were too high ? IMO, thats one of the things you take into account when buying the house.

    Also, why are you asking a daytrading community how u can go ahead and reduce the costs ?

    Sounds pretty damn irresponsible to me !
  3. Often times, house prices are lower in neighborhoods where taxes are disproportionalty high.
  4. Should have checked that before buying.
  5. iprph90


    okay, i will oblige:

    1. find 3 comps in your area with lower taxes; you can look up PIN through local township website; get real estate attorney to challenge assessment.

    2. you can offset taxes by renting part of the space and taking a write-off; you can even rent to a family member.
  6. Most local governments have a process where you can dispute your property tax. Usually it only requires filling out a form and they send a team out to re-evaluate your home compared to others in your neighborhood. After several months you will get a letter stating what your your property tax has been adjusted to.

    This is not something that you need to hire an attorney for.
  7. Good point about the attorney.

    I just finished appealing my taxes. Unfortunately, I hired an attorney to do it. I won without going to court, but the attorney keeps 1/3 of what he saved me for the next three years.
  8. iprph90


    I am not an attorney nor do I play 1 on tv.
    however, I live in the most corrupt state in the union and things just go better when you pay someone.:eek:
  9. Historically, you can often save a fortune by renting instead of buying to begin with. Maybe in today's market, a house may seem pretty cheap. However, again, over history, you can rent a much nicer house for less than the cost of interest and taxes when buying a house. Realtor's say 'don't throw money away on rent' but never say anything about throwing money away on on interest and taxes.

    And, what do you really have at the end of the mortgage? Maybe a couple hundred grand, in today's market. Or you're underwater and drowning in debt. Rent is like using a debit card instead of a credit card. I never have used credit cards, stupid. Anyway, not an answer to your current problem, just something to think about.

    Now if you paid cash for the house, as many of us do, then not such a bad deal.