For many years property owners have been able to utilize multiple deductions regarding their home ownership. For example property taxes, mortgage interest, and home repairs are all things that property owners can help reduce their tax liability on their tax returns. Unfortunately, the new tax reform that was passed by the government is set to dramatically affect tax payers in 2018 and in years to come. Many property owners in the U.S. will be considerably affected by this new

When tax bills are sent to property owners many people don’t understand exactly what they are paying. Property taxes are a main source for municipalities to generate income that supports the major services provided to communities. Many taxpayers are not aware what the tax rate for their local municipality actually is. The mill levy is really what tax rate is levied on a given property value. One mill represents one-tenth of one cent which equates to $1 for every $1,000 of ass

Many taxpayers are not aware that there is a way to reduce their property taxes on the real estate they own. Filing a tax abatement is an opportunity for taxpayers to dispute the amount of real estate taxes levied upon them. Most taxpayers do not know how to file a tax abatement since this right is not publicized enough and understanding the value of their property is left to the assessors. The value of a taxpayer’s property is not necessarily assessed correctly by the munici

Owning a piece of real estate offers property owners many benefits, although many view real estate taxes to not be one of them. It is important to note that real estate taxes are deductible on tax returns; though it is also imperative to ensure a property owner is not paying too much on their taxes. Listed below are 3 common reasons why real estate taxes are too high: 1. Inaccurate information and miscalculations The tax card for a given property will have all the necessary

The devil is in the details- and that's certainly the case for tax abatement applications. Don't let a short timeline distract you f

When property owners receive their final tax bills for the year in November or December; they may not agree with the amount to be paid. Although this can be frustrating, things can be done to alleviate this burden, because every state gives property owners the opportunity to challenge the amount of taxes levied upon them; but few actually take action and file a tax abatement. This is due to the fact that this right is not publicized enough, which means there are numerous tax

Many property owners are always looking for ways to increase the value of their real estate without completing major renovations. Here are five ways property owners can increase the worth of their property without hiring a professional contractor. 1. Increase the rent Multifamily properties are prime candidates for easily increasing value by increasing the rent. If the rental income is lower than desired, a minor increase can add considerable value to the property, especially

Most property owners have the basic knowledge of how property taxes are determined, but many are not really aware of the intricacies of how their tax bill is actually calculated. Here are three important things for taxpayers to remember when it comes to real estate taxes: 1. Municipalities across the nation return millions of dollars each year to taxpayers who understand what it takes to request a reduction on their property taxes. Taxpayers should really only apply for a tax

Many people decide to invest in real estate and being wealthy is not necessarily a requirement. When someone buys a house they are now considered a property owner, tax payer, or even a small investor. Purchasing a home for most people is an investment in their future; and knowing the tax laws can make a significant difference in the return on investment, if it is to be sold at a later date. Real estate taxes are a primary source of income for many local governments, yet they

New Hampshire is just one of the many states in the U.S. where filing a tax abatement application puts the burden of proof on the tax payer. The tax abatement process can be confusing and cumbersome, but the following timeline will help all parties involved be more readily prepared. Prior Tax Year April 1 – This is the valuation date for all real estate in a given municipality. Current Tax Year March 1 – This is the deadline for property owners to file a tax abatement for the