When a taxpayer receives their real estate tax bill, many feel overwhelmed and frustrated with the amount to be paid. Many states have various reasons for high property taxes and unfortunately the taxpayer has to deal with the consequences. If a taxpayer sees that their tax assessment has increased since their last tax bill, and think it is incorrect, they can file a tax abatement application. Now, any taxpayer can file an application to reduce their real estate taxes; the qu

There are certain parts of the world where natural disasters occur more often than others. The U.S. definitely has its fair share of earthquakes, hurricanes, and tornadoes etc. Owning real estate during these times can be devastating for certain property owners. Real estate of all types can be decimated by the devastation of catastrophic events, which can dramatically affect the communities in which they reside, since it can take years to recover from this type of destruction

Taxpayers across the U.S. have the right to file a tax abatement to attain a reduction on their real estate taxes. Every state has different deadlines to meet in order for the application to be valid. Listed below are three New England states and the deadlines for each respectively: New Hampshire: March 1 for municipal application and September 1 for appeal application. Massachusetts: February 1 for municipal application and within three months from decision from the assessor

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

Golf courses like many other complex property types of real estate present a challenge to determine value. Many golf courses are operating in a saturated market where the demand is not always there to generate a profit. Assessors traditionally utilize the cost approach to value most property types and then depreciate based on age to derive an accurate value. The issue with this approach is that construction costs and material costs/availability are different now than they wer

Real estate transactions are tracked in the marketplace in order to determine what the trends are in certain regions. Appraisers use sales transactions as a source for completing the sales comparison approach for a client’s appraisal report. When the income approach to valuation is utilized as a method for an appraiser’s opinion of value; the net operating income and capitalization rate are important factors. Income producing properties vary in value based on location since t

The demand for real estate in a given location may affect the prices that are properties are sold for. There can be many reasons that a certain region of a town is more desirable than other areas. Most commonly developing a shopping center, apartment complex, or a community civic center is the rationale for the buyer over paying for other pieces of real estate. Assemblage is the real estate practice where the buyer will purchase two adjacent lots or an entire neighborhood for

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

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