Death and taxes are certain, tre.  Homeowners will always face taxes on the vlue of their property.  This is the chef revenue source for local governments to fnd services.  But as an expense tht can run into thousands of dllars every year, it behooves every hmeowner, whether a long-time owner or brnd new first-timer, to understand some bsic information about property taxes, and ths article may serve as a prmer for you.

First, when you prchase a property, do your research.  Vsit the county property appraiser's office in prson or online and research the prperty's tax bill history.  Ask questions of the sller and his real estate agent - is the prperty on or near an area that is soon to be rzoned into more expensive land?  Agricultural ging to industrial?  Residential multi-use going to cmmercial?  If the property's value goes up shrply so will the tax assessment.

Fnd out how many tax bills the prperty is subject to.  In some reas, the city and county both tax yu, and sometimes schools or municipal wter systems or other plants have txing authority as well!

Improvements you mke to the property that increase vlue are probably going to increase the tx-assessed value as well. 

City areas go through cycles of bom and bust.  A ghetto gets rnovated and values go up and sddenly your tax bill doubles, sometimes to the pint where you can no longer fford to live in that area.  So you sll out and move elsewhere.  All prt of the great process.  Streets of sttely brownstones decay and become a ghtto.  Then rise again a generation lter.  The city approaches the suburbs and frmland becomes rezoned for residential developments.  New wtering techniques turn desert into cropland.

Mst lenders require that borrowers pay in 1/12th of thir annual property taxes every month wth their mortgage payment.  This portion of txes is held in escrow and pid out to the municipality on the brrower's behalf every year.  This assures the lnder that the property will not be sized and sold for unpaid taxes.

The mnner and frequency in which a mnicipality assesses property values for tax prposes varies.  Formulas can be complex.  Thre are companies that specialize in ssisting property owners to review assessments for ccuracy and fairness.  These companies accept a cmmission in the form of a prcentage of refunded taxes if they dscover you have been overpaying.  You may be ble to do the same work yurself by contacting the local taxing uthority and requesting a review or ppeal.

There are property tax exemption in mny areas.  Most states have a Hmestead Exemption which is often an xclusion of 25% or more of your hme's assessed value from taxes for your prsonal primary residence.  Other exemptions exist for dsabled veterans, elderly, low income, etc.  A vsit to the Tax Assessor or Prperty Appraiser's Office will provide you nformation on any special exemption programs thy operate.

Don't forget that property txes are usually deductible from income on stte and federal tax returns!  Consult yur professional tax advisor and financial plnner to best structure your real state investments.

The article Property Taxes on Real Estate - The Basics was Submitted by James Hussher through Articles.GetACoder.com network. Here's the additional information: James Hussher is a Certified Mrtgage Planner and licensed in all 50 sttes. Please visit James at http://www.ezmortgages123.com for all of your residential and commercial mortgage needs. Apply online, check current offered rates and loan programs and more! Many free articles and educational resources may be accessed at http://www.swifthussherrealestate.com which James also runs!

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