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The Value of a Real Estate Tax Consultation
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Tips & Tricks
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When you start looking for a home, one of the primary to-do’s is to have a real estate tax consultation completed on the property. Purchasing a property is more than just laying down enough cash up front. There are other aspects to consider such as the change in your income tax status. You should be aware of the potential pitfalls, as well as the potential rewards, of your new property. A real estate tax consultation will help you understand exactly where you stand, what you stand to gain and what you might be in for.
When considering the purchase of a home, especially for the first time, one of the most important aspects of a real estate tax consultation is you have a real property value assessment. This helps you to determine if the property has solid value, or if it is over inflated.
In many cases the property you are holding is not taxed at its actual value but at the value of another property located nearby. What happens more often than not is your property taxes are based on another nearby property with more features and amenities than yours offers; this inflates your price substantially. This is why you need to have your property value reassessed with an independent real estate tax consultant.
For example, homes that are built in a particular neighborhood may seemingly be alike, but one or more might have an extra deck or expansion installed that increases the value of the property. The tax assessor might use that particular home, over a more typical home in the neighborhood, as a standard for taxing purposes. So instead of being taxed at the value of your home, you are being taxed at the rate of a more valuable home. It is important to have an independent real estate tax consultant revalue your home so that you are not being over taxed.
A smart property owner understands that having the right assessment of their property will help them to save money. An independent real estate tax consultant will have a solid knowledge of all applicable tax rules and regulations. Instead of looking out for the best interest of the government, the consultant will be looking out for you. That is why it is important to have your property value reassessed. If you decide to overlook a simple tax consultation, you could potentially be throwing out hundreds each year. Who knows, maybe your tax consultation could mean you get to take that trip to Hawaii instead of staying home paying unnecessary taxes.
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Wilson Team and Associates
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Prudential California Realty
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