Seniors planning their retirement finances need to consider the effects that property taxes have on their money. Aside from high property taxes taking up a huge amount of your budget, you may find that these can positively affect the quality of living in your location. Are high property taxes necessarily evil, and if so, should you do what you can to lower what you pay?
Across many areas in the country, residential real estate rates are gradually equalizing along with the rest of the US, although some homes may still be valued lower than they were a couple of years back. If you’re fairly comfortable with your finances, challenging the amounts you’re paying for property tax can be counterproductive. While a reassessment of your home’s value doesn’t factor in your financial capability, it may be done if you feel that the assessor’s findings on the value of your home are inaccurate.
Back when the economy used to fare better (and homeowners were in better financial shape), remodeling homes was a widespread practice, and so were purchases of properties in “premium” locations – the long-term effects of these purchases and projects weren’t taken into account. In these times when resale was the main focus, renovation or remodeling costs were only thought of as contributing to the property’s potential for resale. In short, property taxes were somewhat of an afterthought; one of the inevitable costs of reselling residential real estate.
Nowadays, many homeowners are unable to make ends meet, with high property taxes being a significant drain on their finances. If you want to obtain lower property tax, you can have your home reassessed, with structural conditions such as the number of rooms, overall lot area, roof type, etc. possibly affecting the assessment and associated taxes.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
Across many areas in the country, residential real estate rates are gradually equalizing along with the rest of the US, although some homes may still be valued lower than they were a couple of years back. If you’re fairly comfortable with your finances, challenging the amounts you’re paying for property tax can be counterproductive. While a reassessment of your home’s value doesn’t factor in your financial capability, it may be done if you feel that the assessor’s findings on the value of your home are inaccurate.
Back when the economy used to fare better (and homeowners were in better financial shape), remodeling homes was a widespread practice, and so were purchases of properties in “premium” locations – the long-term effects of these purchases and projects weren’t taken into account. In these times when resale was the main focus, renovation or remodeling costs were only thought of as contributing to the property’s potential for resale. In short, property taxes were somewhat of an afterthought; one of the inevitable costs of reselling residential real estate.
Nowadays, many homeowners are unable to make ends meet, with high property taxes being a significant drain on their finances. If you want to obtain lower property tax, you can have your home reassessed, with structural conditions such as the number of rooms, overall lot area, roof type, etc. possibly affecting the assessment and associated taxes.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
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