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• Sale price of similar properties in area: assessor will know how much other homes in your immediate area are selling for, and will assess your house to reflect value of neighborhood.
• Property’s historical value: records of property’s value through years will help assessor determine whether home’s value keeps with current trends, and whether home increases in value over time as a general rule.
• Cost of replacing property: it is possible to determine how much materials to replace property, or to add improvements to increase value, would cost. This can figure into value of property.
• Potential value of property if it is used to make money: many people use their property as income through rental or sale, and this value can be used to help assessor decide how much he or she should value your property for.
Disputing an assessment. Because home values are subjective, it is possible to dispute a value. You can speak with neighbors and realtors to discover what homes in area are valued at. Recent home buyers and sellers can give you a good idea of what others are paying in property taxes. Visit your tax board or local tax assessment office to find out what procedures are for dispute an assessment you feel is unfair.
Paying your property taxes. As a real estate beginner, you want to be sure that you are paying taxes on your property. There are a number of ways to do this, including paying to tax commission quarterly or yearly. However, simplest way to pay your taxes is to have them integrated into your home loan. They can be added to your monthly mortgage payment, making it a relatively hassle-free way to make sure everything is taken care of.
With a little savvy, even a real estate beginner can have a good handle on what it takes to get a fair value assessment and know ins and outs of paying property taxes.
Nicole Soltau is the President and Founder of CreditUnionRate.com. The Leading Credit Union Directory. Search, Find, Join. http://CreditUnionRate.com