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Market Value Monday: Taxes

Today we talk about taxes and what they mean for you in the house hunt.

When looking for a home it is popular to look at the property taxes of each town. When there are two neighboring towns and one has lower taxes than the other, it is important as a buyer to understand that that market will be more competitive. Properties in areas with lower taxes are usually more desirable, and our BridgeView agents can help you find these places. Our agents are able to assist you in breaking down which areas have the best or worst tax structures, usually depending on school district.

A tax assessor can also greatly assist you in evaluating how much the town may charge you per $100 of house. The assessor can help you discover when the last time the town appraised your property as well, which can usually affect the cost of taxes. If a reassessment is set to take place in the near future, that is usually a sign that taxes are about to go up. If you are exploring an area that seems to be having an influx in people, it will soon need better construction to accommodate them. Public construction can cost an increase in tax dollars and raises lots of rates quickly.

Although property taxes can be intimidating, it is important to know that yours is not set in stone. There are a few tricks we recommend at BridgeView to help lower those property taxes. First, is important to not build large additions to your home before an assessment. By speaking to local tax and building departments, it will be easier to get an accurate estimate on how much your additions can cost you in taxes. Second, you can also request your tax property card and look for discrepancies about the property you own. Mistakes are often made and can be found if you study all of your documents thoroughly. Lastly, to complete your research you need to speak with your neighbors. If the homes on your street are all similar properties it can be nothing but beneficial to speak with them about their property taxes. If your neighbors seem to have lower property taxes than you, you could be eligible for a tax deduction.

Talk more with your BridgeView agent about property taxes today!

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