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Lowering Your Property Taxes
Lately, I often hear my clients asking why the property taxes on a certain property are so high. This is quiet common recently because of state of the housing market. Property taxes are assessed based on the assessed property value. The issue, however, is that the last time many properties were assessed was during the peak of the real estate market. This means that when you purchase a home in today's market, you might still be paying taxes on that house based on the old values. Example : In 2006, a home was appraised for $600,000. In 2009, you purchased that same home for $400,000. The property taxes could still be based on the $600,000 instead of the new purchase price. Because the state is making money off of your home, it is obvious that they will not go out of their way to fix this, and so the burden is usually on the buyer to take steps to appeal this. Below is an exert from "Maryland Department of Assessment and Taxation" discussing the steps necessary to file an appeal to lower your property taxes. If you are interested in any other state's process, simply google "[state] property tax appeal" Also, ... more

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