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Your and Your Property Taxes by Nikki Willhite Too many people allow their mortgage company to pay their property taxes as part of their house payment.  While it may be convenient, if you have enough equity in your home, you should pay your taxes yourself.  I know that some of your are worried that when your real estate taxes come due, you won't have the money.  However there is no financial difference whether you pay them yourself, or let your mortgage company do it.  Take the money you were paying to the mortgage company for your taxes, and put it in a savings account.  If you have a fixed mortgage, when you start paying your own real estate taxes, your principal and interest will never change. When you pay your own taxes, you neither over nor underpay.  If you allow your mortgage company to pay your taxes, they will almost always have enough money, as they usually collect more money than is needed as a reserve fund. That is the first advantage of paying your taxes yourself.  You can keep that extra money and put it in an emergency fund for your family budget. What is more important is that your property taxes become more "real" to you if you pay them yourself.  You will examine them more closely every 6 months, and make sure that they are in line with what your neighbors are paying. You can appeal your property taxes if they seem too high to you.  I know many people who have gone to the assessors office and had them lowered. HERE IS WHAT YOU NEED TO DO TO APPEAL YOUR PROPERTY TAXES 1.   First have a copy of your property tax assessment.  It will list your land and house value, which determines the evaluation of the price of your home. 2.  Next, do your comparisons.   Find similar homes that are very close to your home geographically, and get a copy of their property tax assessment.  If you have neighbors with similar houses, just talk to them about their taxes, and make a photocopy of their paperwork. 3.  If your taxes are higher than your neighbors, find out the procedure for disputing your taxes in your community or county. 4.  Make an appointment and present your case to them.  Do not put them on the defensive.  Be polite, but point out that you have evaluated your taxes using comparable homes.  Present your paperwork to substantiate your case. Be sure and point out any discrepancies that might have led to an inaccurate tax assessment, such as erroneous information about your home or land.  Perhaps their information on the square footage of your house is incorrect, or they have the wrong number of bedrooms. You also may want to have a copy of the recent sale prices of comparable homes in your neighborhood. Now is the time to look closely at your real estate taxes.  House prices have fallen drastically in many areas.  If you are not planning on moving, this can work to your advantage as far as the money you are paying for the taxes, which is based on the value of your home. Do your homework, and save money. About the Author: Nikki Willhite, mother of 3 and an interior design graduate, has been writing and publishing articles on the topic of frugal living for over a decade. Visit her at www.frugalhappyfamilies.com - where you will find hundreds of frugal living tips and articles. Frugal Happy Families- more than just money!

 

 

 

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