Former city assessor and practicing tax consultant offers tips on potential property tax savings
Set up a meeting with your local assessor to get a basic overview about how they assess property. Make a list of questions that you would like to have answered. If the assessor doesn't have time during the meeting, ask for any printed materials that may be available on the subject (or where this material is on their website), or ask for a follow-up response or meeting.
For example, if you own residential property, ask during what time period comparable sales were considered for the current residential assessed values. Or, if you own commercial property, what time period the assessor uses for estimating the typical income and expenses for your type of property. Many states now have tax laws that exempt a portion of the assessed value or tax amount from the primary residence of the owners. If you own commercial or industrial property, there may be special incentives for taxing districts that you'll want to know about.
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