Selling Your Home - Property Taxes
Where can I learn more about appealing my property taxes?
Contact
your local tax assessor's office to see what procedures to follow to appeal your
property tax assessment. You may be able to appeal your assessment informally.
Mostly likely, however, you will have to go through a formal tax-appeal
processes, which begin with an appeal filed with the appropriate assessment
appeals board.
How is a home's value determined?
You have
several ways to determine the value of a home. An appraisal is a professional
estimate of a property's market value, based on recent sales of comparable
properties, location, square footage and construction quality. A comparative market analysis is an
informal estimate of market value performed by a real estate agent based on
similar sales and property attributes. Your RE/MAX agent will often offer free home evaluations.
How do property taxes
work?
Property taxes are what most homeowners pay
for the privilege of owning a piece of real estate, on average 1.5 percent of
the property's current market value. These annual local assessments by county or
local authorities help pay for public services and are calculated using a
variety of formulas.
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