There are many myths about property taxes. Here’s what you need to know…
1. You Always Have To Pay The Amount On Your Bill
Hundreds of thousands of incorrect and overinflated property tax bills go out in New York each year. You have the right to challenge your bill, and your tax assessed value. In fact, the government expects you to. Property Tax Adjusters, Ltd. can help.
2. You Can Get Away Without Paying Your Property Taxes
You might get away with being a slow payer for a little while. Don’t take this for granted. Failure to your pay your property taxes will result in a lien on your home or business property, additional fines and fees, and eventually foreclosure. Don’t lose your home when you don’t have to.
3. You Can Escape Property Taxes By Building A Tiny House
Those tiny house shows on ‘reality’ TV may be cute. A few may be cheaper than other housing options. You can build a tiny house out of recycled materials with your own bare hands in Manhattan or The Hamptons, but don’t expect that to automatically translate into a tiny property tax bill. That’s even if you are permitted to build small by local codes.
4. Buying Is Cheaper Than Renting
Depending on home price trends and mortgage interest rates, buying a home or business property may appear cheaper than renting. Your base monthly payment might be lower than the rent. Don’t forget to add on utilities, insurances, property maintenance, lender fees, and buying and selling closing costs. Property taxes can add a significant sum on top of this too. Make sure you do all the math before you choose.
5. We Can’t Live Without Property Taxes
It is true that property taxes can help finance some very important parts of life. That includes law enforcement, infrastructure, healthcare, and schools. However, there are places which have survived without charging annual property taxes. So of these are among the most desirable and prosperous on the planet. It might be a tough transition for American cities which have become so dependent on property taxes, but things can work very well without them.