Real Estate Taxes: What Every Property Owner Should Know

[Bette Hochberger]

Hello everyone! Today, I'm discussing the complex world of real estate taxes – a topic crucial for every property owner. Real estate taxes are levied by local governments and are based on the assessed value of your property. The key to managing these taxes effectively lies in understanding the assessment process and being proactive in tax planning.

Key Points:

• Assessment Basics: Your property tax is a percentage of its assessed value. This value is determined by your local tax assessor and can vary annually.
  
• Appealing Assessments: If you believe your property has been overvalued, you have the right to appeal the assessment. This could potentially reduce your tax burden!
  
• Tax Deductions and Credits: Be aware of potential tax deductions and credits related to real estate taxes, which can significantly reduce your overall tax liability.
  

Real estate taxes can be a significant expense, but with the right knowledge and strategy, you can ensure you're not overpaying.