Property taxes are an unavoidable part of home ownership. Although you can’t choose to not pay them, there are some ways you can reduce the amount of property tax you pay. Take a look at a few simple options to ensure the fairest home value and most affordable tax bill.
Request to View Your Property Tax Card
All the information about a property that goes into assessing its value for tax purposes (lot size, building dimensions, home fixtures, special features, home improvements, etc.) is present on what’s known as a property tax card. These cards, available from the local assessor’s office, can be requested by homeowners at the town/city hall.1
Once you obtain a copy of your property tax card, look for any possible errors in the information listed. If you find anything that doesn’t look right, bring it up to the tax assessor. He or she will then decide whether or not to simply correct the card or fully reassess your home.1
Don’t Build Any Additions
Adding new permanent fixtures or making major improvements to your property can raise the value of your home. Though this might sound like a good thing, a higher home value means higher property taxes. If you’re looking to save on property tax this year, it’s best to wait before making those additions.
Work with Your Tax Assessor to Ensure a Fair, Accurate Valuation
Although it’s not absolutely required to allow the tax assessor into your home, it may not be a good idea to prevent him or her from seeing the interior, either. If the assessor is forced to make decisions based solely on the outside of the house, your house may be given an inaccurate value.
It’s also important that you accompany the tax assessor throughout the home so that you can provide information and point out aspects of the home that may lower its value (and, with it, your property tax).
Compare Your Home’s Assessed Value to Those of Your Neighbors
Just as you can obtain your own property tax card from the tax assessor’s office, you can also view public information about your neighbors’ properties. Take a look at the values and details of other homes in your neighborhood and take note of any issues that you believe should lower your taxes.
If your neighbor has a similar home to yours with additional improvements (like a new deck or shed) but, somehow, has a lower value, you’ll want to bring this to the attention of the tax assessor. If deemed appropriate, he or she will conduct a reassessment.
Start Your Journey into Home Ownership with A and N Mortgage
Before you worry about property taxes, make sure you get the best, most affordable mortgage loan for your needs with the help of Chicago mortgage company A and N Mortgage. Our dedicated professionals will walk you through the loan process, from application all the way through escrow.
To learn more about how A and N Mortgage can help you apply for a home loan to purchase the house of your dreams, contact us today at (773) 305-LOAN.