Hey there! Let’s dive into a topic that can make a big difference – how to save money when you dispute your property taxes.
Nobody wants to pay more than their fair share. It turns out, many homeowners could actually benefit from appealing their property taxes. Can you believe that 30-60% of taxable property in the United States is over-assessed? That means a huge chunk of homeowners are overpaying on their taxes!
What’s even worse? Only 5% of taxpayers actually challenge that assessment. But fear not! With the guidance of The Stern Team, disputing your property taxes can be a breeze. Trust me, it’s way easier than you might think.
So if you’re ready to save some serious cash and get the most out of your hard-earned money, let’s uncover the secrets of disputing your property taxes like a pro!
How Taxes Work
Having a basic understanding of property taxes is crucial, whether you want to challenge them or not. These fees are paid by homeowners to the local government, based on the assessed value of their property. The percentages can vary by county or tax district.
Did you know that Utah boasts the 12th-lowest property taxes in the country? Residents pay an average of $1,367, which is definitely something to celebrate! On the other hand, New Jersey holds the title for the highest property tax rate, at a whopping 2.49%. This means some residents shell out over $5,000 per year!
Let’s focus on Utah for now. The state provides a great advantage with a large exemption in the Utah State Constitution. This exemption allows 45% of your property to be exempt from taxation. By residing at the property for at least half the year, you can take advantage of this opportunity. Essentially, you’ll only be paying taxes on 55% of the market value of your property. For example, if your house is assessed at $100,000, your property tax would be calculated based on just $55,000. That’s a significant amount of savings right there!
So, remember, when disputing your property taxes, make sure to leverage these exemptions and save some serious money. Utah residents, you’re in luck!
Reasons You Could Be Overpaying
Having a basic understanding of property taxes is crucial, whether you want to challenge them or not. These fees are paid by homeowners to the local government, based on the assessed value of their property. The percentages can vary by county or tax district.
Did you know that Utah boasts the 12th-lowest property taxes in the country? Residents pay an average of $1,367, which is definitely something to celebrate! On the other hand, New Jersey holds the title for the highest property tax rate, at a whopping 2.49%. This means some residents shell out over $5,000 per year!
Let’s focus on Utah for now. The state provides a great advantage with a large exemption in the Utah State Constitution. This exemption allows 45% of your property to be exempt from taxation. By residing at the property for at least half the year, you can take advantage of this opportunity. Essentially, you’ll only be paying taxes on 55% of the market value of your property. For example, if your house is assessed at $100,000, your property tax would be calculated based on just $55,000. That’s a significant amount of savings right there!
So, remember, when disputing your property taxes, make sure to leverage these exemptions and save some serious money. Utah residents, you’re in luck!
How To Appeal
First things first, make sure you meet the deadline to appeal. Each taxing entity has its own timeline, usually in August or September or a specific number of days from when you receive your assessment. Check the tax calendar provided by your local authority to be sure. Once you’ve got your deadlines locked in, it’s time to take action!
Filing a request to challenge the assessment is the key. Don’t worry, it’s easier than you think! If you’re a homeowner who was over-assessed, challenging that figure could save you hundreds of dollars. Cha-ching! So don’t hesitate, let’s get those savings rolling!
Now, you might be wondering where to find some helpful guidance for this process. Well, fear not! The Stern Team has got your back. They offer free resources to assist you in disputing your property taxes. Wow, how cool is that? Click here to schedule a phone call with one of their awesome agents who can walk you through the whole process. Oh, and did I mention? They’ll even dispute your taxes for free, and there’s no obligation to them. Talk about a win-win situation!
So there you have it, folks – the ultimate guide on how to save money when you dispute your property taxes. Follow these steps, and soon you’ll be counting your extra dollars. Happy disputing!
