Property Tax Relief
I rarely talk about the disadvantages of owning real estate as I am a major proponent of real estate ownership. However, there are some expenses you’ll have as a property owner that you wouldn’t have as a renter, mainly property taxes.
If you own a home here in the Treasure Valley, you probably saw your taxes increase significantly over the last two years as property values climbed to double digit appreciation. Now that much of that appreciation has receded, you’ll notice your taxes and assessed values are still quite high. What do you do?
Fight it! In Ada County, your property value is assessed on January 1st every year. You’ll get a letter from the Assessor’s office and it will give you a date by which you must appeal if you choose to do so. It’s too late for 2008, but if you want help for 2009, I’ve got all the forms you need. And if you think your time will be wasted, check out this article in the Statesman that shows how many people were successful in receiving a reduction in their property tax bill. Of course, even if you can’t get a reduction in your property taxes, you can still get a deduction on your personal taxes every year.
Photo Credit: pfala via Flickr
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