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Many cities and counties have been lowering the property tax assessments due to decline in real estate market. However, the coming year provides still a significant opportunity for landlords, property managers and property management companies to challenge their assessments and reduce their property taxes.
If you are planning to challenge your property tax assessments, follow the following steps to get a windfall from reduced taxes.
1. Look at each property’s assessment from last year
2. Determine the value by contacting your favorite local real estate agent and asking them to generate a list of sales of similar properties in neighborhood. Check sites like Zillow.com for valuation.
3. Estimate the valuation for next year based on last year’s assessment and average increase of prices in the area.
4. Get an early start on influencing assessment for next year. If you believe that the assessment is going to be higher than what it should be, contact the city and county now.
By taking action now, property tax assessments will be closer to your expectations. Property tax savings can help the cash flow of the property especially when rents are under pressure and vacancies are at the highest rate. Get an early start on getting your property tax assessments lowered by taking action now.
This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. 4 Early steps for landlords, property managers to reduce property taxes and keep more money in pocket is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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The IRS e-flie system is now open, most W-2s and 1099s will be in mail in the next couple of weeks. Is everybody ready for tax time?