If you have finished paying off your mortgage and now need to pay your property taxes separately, you might be surprised at how much your taxes are. About 60% of properties are overvalued by local tax assessors, which leads to high taxes for you. However, it may be possible for you to lower your tax burden by using the following suggestions.

File an Appeal

Your property taxes are calculated by multiplying the local tax rate with the tax assessment value of your home divided by a hundred. The tax assessment value is arrived at by the local tax assessor. If you think the assessor overvalued your home in error, giving you a higher tax bill, you need to file an appeal with that office. They will likely give you a date to appear in person to discuss your home assessment. While you wait for this date, you need to do one thing: hire an appraiser.

An independent residential appraiser or a general appraiser can investigate the selling prices of homes in your neighborhood and analyze local market information to arrive at an independent opinion of how much your house is worth. If your appraiser finds that your home is in the same value range as the local assessor's, you may not be successful with your appeal.

However, if your appraiser's report states that your home is not nearly as valuable as the assessor claims, you might have a good chance of getting your tax assessment lowered. When faced with your appraisal from a qualified professional, the local tax assessor will have to explain the discrepancies between their report and your appraisal.

Look for Tax Breaks and Tax Credits

You may not realize this but many states offer tax breaks for home-owning citizens. Some states, such as Ohio, offer a tax break for senior homeowners, while other states offer a homestead rebate for homeowners in their state. These tax breaks can reduce your overall tax burden.

You might also be eligible for tax credits in a number of different cases. For instance, if you work in a home office as part of a business that you own, there are some tax credits that you may benefit from. 

To find out what tax credits and tax breaks might be relevant for you, consult a tax services company that can help you with settling your taxes in a way that is beneficial for you.

With the information in this article, you should have a good chance of reducing your property tax burden. If you still have problems and need to move forward with a property tax settlement, get in touch with a tax services company like Tax Assessment Xperts Inc that can guide you through the process.