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Buyer tip: How to save on real estate taxes when choosing your home

By
Real Estate Agent with RE/MAX Premier, Realtors

To the average homebuyer in central Connecticut, local real estate taxes are an important variable. The higher the taxes, the less monthly remains in the budget to pay the mortgage. The mill rate (or cost per thousand dollars of assessed home value) is set by each individual town and is recalculated each year.

For instance, the current West Hartford mill rate is 36.97. As an example, 572 South Main Street http://brentbellcrs.point2agent.com/Listing/VirtualTour.ashx?ListingID=2104829 has an assessed value (after applying the tax phase-in) of $132,979. This yields an annual tax of $4,916.23.

To double check the taxes in West Hartford for a property you like, go to this town link and simply fill in the property address: http://www.westhartford.org/taxestimator/index.aspx

Here are some tips to save money on your taxes when choosing your home:

1)     Buy OLD. The towns value properties based on the year built. If you can find a home built in 1920, your taxes will be less than for a similar home built in 1980 (even though the 1920 home may have more updates than the newer home.

2)     Buy VERTICAL. The size of the foundation in the ground makes a difference. A 2,000 sf ranch-style house is assessed more in taxes than a 2,000 sf colonial (which only has a 1,000 sf foundation).

3)     Buy SMALL. Since the amount of heated, above-grade living space (SF) is the major factor in your assessment, don't buy more space than you will need over the next 5-10 years. Please note that finished basement space (even walk-out, heated basement space) and 3-season enclosed porches and unheated walk-up attic space are all barely taxed. Having these features can lower your relative tax burden, while providing great supplemental living space for you and your family.

4)      Land is NEARLY free. When compared to the value of the home itself, a larger lot adds very little to your taxes. If you want the property and are willing to maintain it in exchange for greater privacy, the increased tax level should be minimal.

For other ideas on saving $$$ every year on your taxes, just send an email and subscribe to my monthly newsletter.

For any additional West Hartford Connecticut information, contact Brent, a 25-year resident of the town...