How Long Do You Need to Keep Tax Records for Small Business
How Do I Get a Tax Appraisal
If you're a homeowner, one of the expenses that you have to pay on a regular basis is your property taxes. A tax appraisal influences the amount of your property taxes. Here's what you need to know about getting a tax appraisal.
The Purpose of a Tax Appraisal
Your city uses your home's tax appraisal to determine the amount of property taxes you need to pay. A home's tax assessment directly influences the amount of the homeowner's tax bill, as reported by Investopedia. The higher your home's tax appraisal, the higher your property taxes.
It's important to differentiate your home's tax appraisal from the appraisal used by lenders. The appraisal ordered by your lender when you apply for a home loan seeks to determine the current market value of the home. During the appraisal, the appraiser both enters your home and examines the exterior. A tax appraisal, on the other hand, is usually based on property data for your area.
The Accuracy of a Tax Appraisal
It's common for the tax assessment of your home to differ from the lender-ordered appraisal value. Remember, the numbers are calculated using two very different methods. There are also factors that influence your tax assessment that typically don't affect your home's market value.
For example, if you use your home solely for residential purposes (living in the home), the assessment will be lower than if you use the property for commercial operations. Your tax assessor may also provide discounts on your appraised value if you're disabled or elderly.
How to Obtain a Tax Appraisal
You don't have to take any steps for your county to complete a tax appraisal. Your county will automatically complete a tax appraisal every few years and adjust your property taxes accordingly. It may ask for data regarding any improvements or additions you've made to your home. If you don't agree with the tax assessment of your property, you can appeal the assessment.
Appealing your property assessment means that you're taking steps to get the tax assessor to reconsider the value of your home. Generally, you have to fill out paperwork to start the appeals process. Be prepared to provide evidence to support your argument that the assessment isn't accurate.
Appealing the Assessment
To overturn the new assessment, you have to convince the assessor that your home is overvalued. Some of the evidence that you might provide to argue your case includes sales data from comparable homes in your area. If these homes are selling for a figure significantly lower than your home's assessed value, this can support your argument that your home's value is overstated, as reported by Forbes.
Tips for Appealing the Assessment
Once you get your new tax assessment, it's important to start the appeals process as soon as possible. Many counties require that you appeal a figure you don't agree with within a specific time period.
The process to appeal the assessment and order a new tax appraisal varies slightly with each county. Contact your county's tax assessment office to learn what you need to do to start the process.
Make sure that all of the information on your assessment is correct. If your home is reported as larger than it really is, this can inflate the assessment.
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How Long Do You Need to Keep Tax Records for Small Business
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