5 Common Property Tax Myths Busted

 

Property taxes can be a confusing topic for many homeowners. There are several myths and misconceptions that exist about property taxes, which can make it difficult to understand how they work. In this blog post, we will bust five common property tax myths.

Myth #1: Property Taxes Only Apply to Homeowners

Many people believe that property taxes only apply to those who own houses. However, this is not true. Property taxes apply to any real estate that you own, including commercial properties and vacant land.

Myth #2: Property Taxes Are Based on the Value of Your Home

While your home's value plays a role in determining your property tax bill, it is not the only factor. Local governments also determine property tax rates based on their budget needs. This means that even if your residence's value stays the same, your property tax bill could still increase if the local government raises the tax rate.

Myth #3: You Don't Have to Pay Property Taxes if You Own Your Home Outright

Even if you own your home outright and have no mortgage payments, you are still responsible for paying property taxes. Failure to pay them can result in liens or even foreclosure on your house.

Myth #4: Property Taxes Only Cover Public Schools

While public schools rely heavily on property taxes for funding, they are not the only beneficiaries. Other entities such as parks and recreation departments, libraries, police, and fire departments also receive funding from property taxes.

Myth #5: You Can't Appeal Your Property Tax Assessment

If you feel that your property tax assessment is too high, you do have the right to appeal it. Many homeowners assume that they have no recourse when it comes to their property tax assessment, but this is not true. You can file an appeal with our professional team, and we will provide evidence to support why you think the assessment is incorrect.

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