How can I lower my property taxes? | #RealEstateTalk 013
How can I lower my property taxes?
Ways to reduce your real estate taxes:
Check your tax account for accuracy – Go online to either hcad.org (Harris county appraisal district website) or mcad-tx.org (Montgomery county appraisal district website) and confirm the information about your property is correct. Check pool, garage spaces, and especially square footage. Contact the appraisal district and dispute the information that’s incorrect
File for exemptions – Check to see if you qualify for a veterans exemption, a homestead exemption, or an over 65 exemption. The forms to file for exemptions are available on the county appraisal district websites of hcad.org or mcad-tx.org. Some of the exemptions can only be filed during certain months of the year.
If you already filed for exemptions, go online and check your account to confirm the exemptions have been applied.
Protest the tax assessed value of your property – You can protest the tax assessed value of your property based upon fair market value or unfair taxation. If you don’t believe your house can be sold for the value its tax assessed at, then you can protest the value based upon fair market value. To find out the fair market value for your house, you can contact a local Spring Texas Realtor and request the comparable sold homes for your house.
If your house is tax assessed higher than a similar neighbor’s house, then you can protest your taxes based upon unfair taxation. Look up the tax assessed value of similar homes in your neighborhood on the local appraisal district websites of hcad.org or mcad-tx.org.
If you don’t want to deal with the paperwork or the time of protesting your tax assessed value, you can hire an accounting firm. Accounting firms that protest taxes typically work on a contingency basis. If they are unsuccessful in lowering the tax assessed value of your property, they receive nothing for their services. If the accounting firm is successful in reducing the tax assessed value of your property, then their fee is 40% – 50% of the tax savings.