For many cash-strapped homeowners, the latest bad news comes in the mail: higher property-tax bills. Property taxes may increase for millions of people because of reassessment and increases in tax rates. All too often we see property-related taxes used as the oxygen of local economies. Shrinking real estate values translate to shrinking tax receipts so government increase tax rates to compensate.
We’re seeing so many families facing foreclosure or rising property taxes while their home values fall and that doesn’t sit right with most people’s senses. Most people don’t have the time or knowhow to challenge their property taxes. Without a step-by-step guide, they are lost. “Never let a dog watch your dinner, and never let Government watch your money!”
There is a lot of talk about property tax reform. Property tax caps have been proposed by governments as an answer. Less tax revenue raises alarm bells among unions, schools and already cash-strapped cities and counties. Public officials warn they will lose hundreds of millions of dollars in tax revenue if property tax caps are enacted … so there is little incentive by government to promote this type of legislation.
With less money needed to run classrooms and provide necessary services like clearing roads, picking up leaves and trash and providing basic police and fire protection, the obvious solution would be to cut pay or benefits. Public unions, however, are extremely self-serving and entrenched and likely will never cave into the public good. Unless workers are fired and replaced by non-union employees similar to what Regan did with the air traffic controllers, the status quo of timid legislators will continue.
If government is not going away then taxes are not going away. A lot of people are working second jobs just to support their often pampered government. It starts with formation of ad hoc committees to look at ways to cut property taxes across the county. Tax-cutting panels need to place cuts countywide on ballots Property Tax Limitation Laws.
Likely, government will react to keep their union benefits and workers skirting around the issue by raising sales and income taxes. However, responsible government should come to the conclusion that income tax needs to be reduced to make the state more attractive to new businesses. Sales and property taxes need to be low enough to attract people to live in the state.
The elderly and those living on an average $1,000 month social security check are finding themselves taxed out of their homes. Too many politicians are grandstanding and when it comes to taking action; they fall asleep at the wheel. Times are hard and many call for the free spending ways of government to stop.
In this climate of falling home prices, finding comparable sold homes that sold for less value than the assessment price placed on your home are easy to find. Upon finding good comparable sold home and with using a good property tax appeal manual, you should be able to get reduced assessment and pay less property taxes on your home.
An excellent source and step-by-step guidebook on how to reduce property taxes is found at http://www.housetaxax.com It has loads of examples and is guaranteed to meet your satisfaction.
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