http://info5000.com//PROPERTY-TAXES/index.html The first thing to understand about your property tax bill is the terminology. Many people look at the tax bill and see a bunch of numbers that have no meaning to them. In reality, they do have a special meaning to the property owner. If you do not understand what the sections on your property tax bill mean, you might not know if this bill is correct or not. Here are some terms that you need to understand when looking at the tax bill. en-us Thu, 2 Sep 2010 14:20:55 PDT Newton residents Chris Hill and Sue Flicop issued the following statement in response to the TAB article Newton property owners owe 4.2 in unpaid taxes' http://info5000.com/PROPERTY-TAXES/index.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Illinois Governor Pat Quinn, facing an enormous budget deficit, has announced plans to increase the state income tax by 33 and appease voters by promising to support future legislation to get school districts to decrease property taxes. Contributor: Allison Fry Published: Aug 27, 2010 http://info5000.com/PROPERTY-TAXES/index.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT According to the Minnesota 2020 report, Duluth property taxes have increased by 29 percent since 2002. http://info5000.com/PROPERTY-TAXES/index.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Mason County School Board members voted Monday evening to keepthe same rate for property taxes -- for the ninth straightyear. http://info5000.com/PROPERTY-TAXES/index.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Is it possible to have two different assessors give two different assessments of two same properties? Unfortunately, the answer is yes. Even though assessors follow guidelines, everyone sees something different. One assessor may see your property as a little run down and assess a lower value while another assessor assessing a property very close in looks and structure to your property may see it as worth the money and give a higher value. This in turn causes confusion for property owners. Even though they follow the same guidelines, their tastes are different and results in two different assessment values. http://info5000.com/PROPERTY-TAXES/two-different-assessors-with-different-assessments-affects-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Many property owners do not want the city assessor to come into the interior of their building. If you have done extensive work, well, then okay, you have a reason. If you have done no repairs and feel the interior of the property is a bit to be desired, you may wish to invite the assessor inside. Make sure you are available to walk around your property with the assessor and point out the bowed walls because the roof needs to be replaced. Point out the unleveled floor because the property has shifted a bit over the years and probably needs some support beams. Point out some good things as well, never dwell on just the bad points. This might help to lower your assessment, thus lower your property tax liability. http://info5000.com/PROPERTY-TAXES/5-sneaky-ways-to-lower-your-property-tax.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT When you schedule an appointment with a property tax attorney, you need to go to his office prepared. If you do not take along all the necessary documents and information, your first visit may be a waste of time and money causing a return trip with added fees. When you call the property tax attorney, you need to give your full name, property address as well as how to contact you if needed. Being prepared is very important when dealing with any tax information. http://info5000.com/PROPERTY-TAXES/what-to-bring-with-you-to-a-property-tax-attorney.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT There are several steps for the property tax appeal process. The first step is to determine if you are receiving a higher assessment than what you believe the property could sell for in this period. If you feel the assessed value is high, you can then take the first step towards appealing the tax bill. If you do not succeed on the first level, you have two other levels to appeal to before taking the final step in a courtroom. http://info5000.com/PROPERTY-TAXES/the-stages-of-a--property-tax-appeal-process.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT If you bought your house for 79,000 dollars nine years ago and have never done any work or repairs, is your property still worth the assessed value of 106,000? More than likely, the property is not worth that much for a home built in the early 1900's. To be honest with yourself, you have to look at other houses with the same age and structure to see if you are paying to much money for property tax. http://info5000.com/PROPERTY-TAXES/are-you-entitled-to-a-property-tax-reduction.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT When you are selling a property and it is in the middle of a property tax year, the seller is responsible for the property taxes up to the day of closing after which time the remaining tax is due by the buyer. Now some people are very unaware of this fact when they close on a property and usually find out at the closing. The seller will bring a check along for their part of the taxes and the seller's mortgage company receives the check, which is deposited in the buyer's escrow account. This however is only one option presented for coving split property taxes. http://info5000.com/PROPERTY-TAXES/when-selling-a-property,-who-is-responsible-for-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Property tax and personal property tax is different because the property tax deals with the building and land. Personal property tax deals with vehicles, boats, planes and other motorcycles. Any type of artwork is subject to personal property tax. If you have a business, any of the inventories is subject to personal property tax as well as bonds or any stocks. The only thing not subject to tax is household goods or personal belongings. The state rather than the community governments more commonly do personal property taxes. Thus however, may be different from state to state. http://info5000.com/PROPERTY-TAXES/what-is-included-in-personal-property-tax.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Many people pay there property taxes in the tax year and claim their taxes on their income taxes for that year. For example, the year 2007, you receive your property tax bill in December and pay the tax immediately. You can then claim the property taxes on your income tax. If your wait until January of 2008, you will have to claim the property taxes for 2008. There are different reasons for paying your taxes right away and there are reasons for waiting until the following year. Deciding when to pay your taxes may be determine by thinking about your current tax liability. http://info5000.com/PROPERTY-TAXES/paying-your-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT A rental property tax deduction is any expense that evolves from owning a rental property. If you spent money to maintain, conserve and manage a rental property, you can use that as a property tax deduction. The most common deductions will be yard care, maintenance, repairs, insurance payments, cleaning and the mortgage payment if there are any. Some other property tax deductions that most people forget about are fees for an accountant, fees for a lawyer, expenses for finding renters, fees paid to rental agencies for finding you a renter, any mileage that is accumulated for said property and depreciation for items included in the rental and of the property itself. http://info5000.com/PROPERTY-TAXES/what-is-a-rental-property-tax-deduction.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT If you have a property that is delinquent on property taxes, the city or town that the taxes are owed to will hold a property tax auction to sell the property in question and redeem the delinquent taxes. This type of auction is not as common in some areas as it is in others. Many times, a property owner who owes back property taxes will try to raise the monies before the property tax auction and keep ownership of said property. In some cases, the properties are sold. In many cases, the amount owed in delinquent property taxes is so low, that the buyer is receiving an excellent deal. http://info5000.com/PROPERTY-TAXES/what-happens-at-a-property-tax-auction.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Property taxes for rental properties are normally higher than single-family properties. This causes much confusion for property owners in any state. They cannot understand why they are subject to higher property taxes since most are not making a profit on the properties in question. With people buying two family houses to help with the mortgage payment and property taxes, there are some frustrations over why they have to pay higher property taxes. Many property owners feel they are being singled out for trying to own a property for their family while providing housing for someone else as well. http://info5000.com/PROPERTY-TAXES/property-taxes-for-rental-properties.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Non-profit organizations do not have to pay property taxes. This is a true statement, but there are stipulations that apply to the rule. The first thing that has to be defined is whether the organization is actually non-profit. Non-profit meaning that they do not have any profits made from monies received. The other qualification is the non-profit organization has to be recognized by the government as a qualifying activity to claim the exemption for property taxes. You need to know the laws of the particular state to know if your organization is tax exempt. http://info5000.com/PROPERTY-TAXES/property-taxes-and-the-non-profit-organization.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT If you are concerned about any of the statements on your property tax bill, especially the property tax assessment value, you might want to consult with a property tax attorney. Although you can do the process yourself, you may feel overwhelmed by the legalities and find it necessary to have help. You can look in your local phone book under attorney's ad then look for a lawyer that specializes in property tax issues. You may need to talk to a few attorneys before you find one that can help you with your case. http://info5000.com/PROPERTY-TAXES/using-a--property-tax-attorney.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT If you fail to pay your property taxes when they are due and continue to avoid paying them, you stand a good chance of accumulating penalties and interest. After a given amount of time, the county office can place a lien on your property. If you continue to avoid paying the property taxes, you home can succumb to the auction block. This can be done even if you owe an outstanding mortgage on the home. You or someone else is going to have to pay the outstanding balance owed on the property taxes. It is always best to pay the taxes, but if you do not, an auction can take place. http://info5000.com/PROPERTY-TAXES/your-property-taxes-and-a-property-tax-auction.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT There are some reasons why people receive a property tax reduction. Veterans, seniors, and low income homeowners can apply for a tax reduction or a tax deferral. Keep in mind that not everyone who applies receives the reduction or deferral. The state and community you reside in may vary from other states and communities. If you do not qualify, you can ask for installment payments on your property taxes. This is one way to avoid foreclosure and possible auction of your property. http://info5000.com/PROPERTY-TAXES/different-circumstances-for-property-tax-reduction.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT There are a few ways for taxpayers to help keep property taxes lower. The first way is to attend public meeting where decisions are being made about spending limits and spending in general. If you do not participate in meeting that is open to the public for suggestions and opinions, you cannot blame anyone for higher property taxes. If the community spending committee we will call them wants to raise taxes so they can afford to give aldermen and government officials a raise in salary, then no one will be at the meeting to voice their opinion and make people think. http://info5000.com/PROPERTY-TAXES/some-ways-to-help-keep-property-taxes-lower.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Property tax consultants are similar to property tax attorneys except they have no special law degree, but do work to achieve results. You can use a property tax consultant to reduce or protect your taxes on a property. They can help you with filing the paperwork for an appeal, help you find all the necessary documentation and they will attend all the hearings with you. Most of the property tax consultant company's have their own qualified appraisers. The consultants have valuable resources for obtaining needed information before entering any property tax hearing so you are prepared. http://info5000.com/PROPERTY-TAXES/what-is-a-property-tax-consultant.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT In Wisconsin the assessment of a mobile home only has to be done from the point of view meaning the outside can be used to assess the mobile home, however an inside assessment does help. Mobile homes only have to be assessed every five years, therefore the assessed value and the market value are with in ten percent of each other. Mobile homes in Wisconsin can be assessed for taxes as personal or real property. This also means a mobile home may be subject to no property taxes. http://info5000.com/PROPERTY-TAXES/mobile-homes-and-property-taxes-in-wisconsin.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT The answer is more likely no. As long as the cost of living continues to rise, property taxes will continue to rise as well. Even with the housing market right now, the economy is still on the rise. Schools still need money, communities need money and other districts need money as well. If no one would need money, like back in the cowboy and Indian days, then no one would have to pay taxes. Since this will never happen, property taxes are going to continue. Schools and school district are the major holder of the capital funds that are brought in by property taxes. http://info5000.com/PROPERTY-TAXES/is-there-relief-from-high-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT When you buy a house or property, the mortgage company that holds your mortgage usually has an escrow account set up, which holds your monthly payment towards your homeowners insurance and property tax. The standard procedure is for the mortgage lender to send you the money in a form of a check in December to pay your property tax. If you do not receive this check by the end of December, you should consult with your mortgage lender. The idea of paying your property taxes before the end of the year, means you can claim it on your current years tax return that you will file in January or February. http://info5000.com/PROPERTY-TAXES/make-sure-to-pay-your-property-tax-on-time.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT The first thing that affects your property taxes is the spending habits of your school district, other taxing districts, county and city. If the school district has big plans for renovations, new computers, raises in salary or anything else pertaining to the school district, you may see an increase in property taxes to support their spending. Keep in mind that there is a point when the state draws a line on how much can be charged to your property taxes. Many school districts have to find other means to accomplish everything on their agenda because they are only allowed so much money from taxes. http://info5000.com/PROPERTY-TAXES/what-really-affects-your-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT When you receive your property tax bill, you need to go over it very closely. You need to look at the fair market value and the assessed value. These two different things have two different meaning when figuring your property tax liability. Many people have complaints about how the assessment of homes or properties is done. The county assessor does not enter your home or property, they look at the outside for a description of the property to compare to other similar properties in the area to determine your assessed value. This is common practice and may not always be the true assessed value of your property. http://info5000.com/PROPERTY-TAXES/is-your-property-tax-assessment-outrageous.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT Property taxes in some states come with a lottery tax reduction. This is because the state and the lottery have a deal that states that so much of the money spend on lottery tickets minus the winnings pay out is to be used to reduce the property tax of the property owners in the state. Some years, you may see forty dollars and another year you might see ninety dollars. The amount is determined by how many property owners there are and how much profit was made by the lottery. This also weights heavily on the type of property you have as well. http://info5000.com/PROPERTY-TAXES/the-lottery-and-your-property-taxes.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT When you pay your property tax, it is paid to the clerk's office where it is then placed into a special account until it is divided up between school districts, city and townships, and the county. There is a portion of the tax dollars that is directed to other districts, which might include a nursing home owned by the city, county, or something similar that requires tax dollars to operate. Fire, ambulance, parks, libraries, and others receive a portion of the tax dollars as well. How much each group receives is different for every state and community. However, the highest pay goes to the school districts and then the city, county and townships. http://info5000.com/PROPERTY-TAXES/where-does-the-property-tax-money-go.html info5000.com@info5000.com (Carson Danfield) Thu, 2 Sep 2010 14:20:55 PDT