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Disputing Your Mt. Vernon Rental Property Value Assessment to Lower Tax Liability

Property Manager Meeting with Property Owners to Asses their Mt. Vernon Rental PropertyWhen you have the opportunity, it’s well worth your effort for to try and lower the tax liability on your Mt. Vernon rental property. Whether you are new or an experienced professional rental property investor, it’s important to take the time to study your Mt. Vernon property value assessment to determine whether it’s accurate or not.

At Real Property Management Results, we encourage all of our landlords to take the time and effort to do this because you might find out that your assessment is too high, which once re-evaluated may mean lower property taxes. There are so many ways to know for sure whether your current property assessment is correct.

How a Property Should be Assessed

Once a year, properties are typically assessed by a town or city’s assessor. Commonly, the assessor evaluates the present status of your property and any upgrades made, and the current condition of the market for comparable homes in your area; then they multiply that by the area’s level of assessment as determined by your municipality. If you own a multi-family building or apartment complex, the assessor will factor into the valuation the income you have garnered from the property over the past year minus maintenance costs. The cost of replacing the home is also a factor in determining its appraisal.

When you open your annual property tax bill, see the figures, and nearly pass out from shock, don’t panic. Take calming breaths and then carefully consider the different ways you could lower the tax bill. Just remember one thing, you’ll have a deadline to dispute the assessment. Most municipalities will give you 30 to 60 days after you receive the assessment to challenge it.

How to Understand an Assessment

Take a look at what the assessment says about your property. You might notice that you’ve suddenly become the owner of Mt. Vernon property that is nothing at all like the one you own. For example, the assessment might mistakenly give your house four bedrooms when it only has three or place your address in an expensive neighborhood very near to your actual location. In one case, a homeowner’s one-story home with vaulted ceilings was incorrectly listed as a two-story house and charged two times the actual square footage because the assessor observed it from outside rather than doing a more extensive assessment.

The worth of properties that are the same as yours in your area can tell you a lot about your own property’s assessment. If you know your neighbors, you may be able to learn from their assessment. Otherwise, it’s a good thinking to compare your property with four or five in your general neighborhood that have the same amount of square footage and the same property size.

Look into Exemptions

While you’re making sure the valuation of your property is correct, also look into whether you’re receiving any exemptions which you’re entitled to. Some states and many municipalities offer tax breaks to owners who are senior citizens or veterans, homes located in certain areas, and various other exemptions. Your local tax assessor should be able to help you find any tax breaks to which you’re entitled.

If your first tax bill after you have bought your property shows that its tax assessment value went up by nearly 50 percent in one year, just like what happened to an owner in Georgia, you’ll want to ask for a re-assessment to help you better understand any changes. Most tax assessors will be open to informally explain your assessment. If you’re not contented with the informal explanation, you can write a formal appeal. Property owners who have followed this method say they’ve been able to lower their assessments to a great degree.

When you work with Real Property Management Results we partner with you to get the most out of your property and journey together to succeed. To learn more about the services we offer contact us online or call us at 812-461-1676 today.

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