Ensure Your Taxes Are Correct
Here are the three key ways to ensure you’re paying the correct amount in property taxes.
What can you do in 2020 to make sure your taxes are the most effective and correct? Here are the three best ways:
1. Homestead exemption. Come into our office and we will help you fill out the homestead exemption. This exemption only applies to your primary residence. This will help you save a ton of money on next year’s taxes.
2. Correct value. You need to be sure your home’s value is correct for property tax purposes. Often, the Central Appraisal District may use arbitrary figures to value your property. If they’re doing so, you may be taxed on a higher amount than you should be.
If you want to protest the value, you must do so by May 15, 2020. This means you’ll go in front of an appraisal review board to protest your property’s value. You’ll need evidence, and my team can help you with that. Give us a call and we’ll ensure you have the correct comparables to identify the true value of your property. This is key—you must have a valid reason to protest your taxes.
3. Identify the payment. Make sure you identify that property tax value is a portion of every month’s payment. Generally, this is paid to the mortgage company. They’re holding this money in escrow throughout the year, then usually make that payment between October and January 31.
Make sure to pay attention to any overage or shortage in that escrow balance. How? Look at your statement, find the escrow amount, find what your property tax bill is, and make sure those two numbers match. We can help you with this as well.
If you have any questions about property taxes or real estate or would like us to do a certain video, please comment below or email us. We would love to help you in any way.