When you become a first-time homeowner, you will understandably be so excited about moving into your new Dekalb home. But even in your excitement, you shouldn’t forget about your rights and responsibilities related to property ownership. You should think about the proactive ways to reduce property tax so that the property tax bill doesn’t become a surprise and shock later on.
Why the need for a proactive approach? Unfortunately, these are among the costlier taxes that the state and local governments impose on property owners and taxpayers. The more prepared you are, the better your tax management plan can be, especially when property taxes are among the reasons for your previous hesitations about property ownership.
Be Aware of the Tax Traps
Before forking in the cash in a home purchase agreement, be sure to research about property taxes in the county where the property is located. This way, you will not be caught off-guard by the tax traps that lie in wait for new homeowners.
Tax traps come in many forms. The most common of these include unexpected rate hikes and property reassessments, supplemental bills issued during the first year of home ownership, and higher taxes levied on the subsequent years. You’re well-advised to contact the local tax assessor’s office for the research, such as looking into the property card to determine the accuracy of entries.
Gather Information about the Tax
If you want to reduce property tax on your Dekalb property, you should be informed about its what, why and how. You will find that many of the solutions to your problems regarding high property taxes on your newly-acquired asset can be found in them.
A few tips on the types of information that you will want to gather:
- How does the tax assessor determine the value of the real property?
- How does the tax commissioner calculate property tax?
- Will the home be subjected to a reassessment after its sale to a new owner? (Upgrades to the property can trigger a reassessment and, thus, increase its possible property taxes)
- When is the next reassessment schedule? (Ask the county tax assessor about the assessment dates)
- What are the exemptions, tax relief, and tax abatement programs available in the county? (Homestead exemptions for primary residence, senior citizens, and disable veterans are available in the State of Georgia)
- What is the classification of the recently bought property?
You can gather the information via interviews with the taxing authorities, fellow taxpayers, and online sites. But your best bet is hiring an experienced tax consultant. You want a reliable tax professional to provide trustworthy advice about your property taxes, as well as file the property assessment appeal on your behalf.
Think of it this way: You don’t want to go looking for a reliable tax advisor at the last minute, just when you have made a stupid property tax-related mistake. Your proactive approach will definitely contribute to your smarter decision on property tax matters.
You don’t have to hesitate about becoming a homeowner partly because of the high property taxes in the area. You can hire Fair Assessments, LLC, a trustworthy, dependable and experienced tax consultant so that you can reduce property tax in a proactive manner.