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Property tax is a convoluted and often quite confusing structure whereby municipalities chargehome owners for a tax to cover the variety of services and programs supplied to the community atlarge, such as snow removal, garbage collection, fire and police coverage, and more. The property tax system is always keyed to the traditional practice oflevying taxes based on the legitimate current value of a property.
The residential property tax is set by a municipality to cover their expenses in operating those services and is based on a tax rate (previously known as a mill rate) calculation of a specified percentage of the total amount of assessed value, or what the municipality believes your property is worth. Therefore, if the assessed value of your home is $500,000 and your tax rate is .02, your tax payable every year is $10,000.
The assessed value of a home is a controversial factor as in the real estate adjustment of recent times many home owners have found that the assessed value has lagged behind the actual "sell it today" price of their homes.
The municipal property assessment authority in yourregionwill mail out a property assessment notice showing what they believe the current value of your property is as of the date of valuation. This information is also included in the municipal assessment roll. If a home owner believes that the current value of their property has been listed incorrectly they may request that the municipal property assessment authority reconsider that valuation.
If the authority does not change that assessment, there is a process of arbitration and appeal open to the property owner. Many home owners have gone through the process of requesting arbitration through an assessment review board, or even filing an appeal against a property assessment which they feel is unfair, but you should be advised that the level of success of such procedures and appeals is scant at best.
Anne has 20+ years of Real Estate selling experience.
"It is always such a pleasure to find that special place with all the most desired features that makes everyone feel at home! Your home is one of your biggest investments that you will make in your lifetime. It is so important to find a home that not only exceeds all expectations but also increases your net worth. A sound investment makes sense and will build a secure financial future."
Let me help in all your Real Estate requirements! Whether buying or selling I can help in every step of the journey. I consider my clients part of my family and always recommend solutions that are in your best interest and according to your desired goals.
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