May 6, 2015 12:27 am
The amount of property taxes due to local municipalities is typically based on the location and assessed value of the home. Homeowners also should understand that the assessed value of a property can change over time if, for example, improvements are made.
“There can be a big difference in property taxes from county to county and state to state,” says M. Lance Coyle, president of the Appraisal Institute. “Regardless of where one lives, it’s important to know how property taxes are calculated locally and to follow all related legal requirements.”
While homeowners may think they have a good idea of whether their property has been properly assessed, it’s much easier to make the case that their taxes are too high if there’s a professional appraisal to back up the argument. Homeowners should consider having an independent appraisal prepared and present the appraisal report to the assessor because appraisers are third-party experts who provide credible opinions of value. Homeowners also should be mindful of Internal Revenue Service (IRS) rules.
“Many homeowners recently filed tax returns with the IRS. Looking ahead to future tax filings, it’s important to understand that the agency has specific rules about the deductibility of property taxes, and consumers should with check with their tax professionals accordingly,” Coyle says.
Source: Appraisal Institute
Published with permission from RISMedia.