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Property Tax Appeals - Lower Your Property Taxes

Tax Property Sales

Valerie Garner
Sedro Woolley WA 98284

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In some cases, homeowners have been shocked to discover that not only have their property tax bills not decreased, they have actually increased in some cases. This has been quite a surprise for homeowners as they struggle to understand why they are paying more in taxes on homes that are not worth as much as they were just a year ago.

For the most part, the reason is due to the complex manner in which property taxes are calculated in most areas. One of the biggest culprits, particularly in Nevada, is the fact that property tax increases were capped during the housing boom. The housing boom saw home values skyrocket rapidly. At this time, the values of home in these areas are decreasing, however the fall has not been enough to compensate for the increases of a few years ago. As a result, the values of home would need to decrease rapidly over a very short period of time in order for the tax bills to decrease. While declining property values have certainly been troublesome, they have not fallen enough to provide any sort of relief for home owners.

As the rate of defaulted loans and foreclosures continue to soar in many locations, numerous counties have discovered that the rate of unpaid properties taxes is also on the rise. The metro Detroit area, in particular, is experiencing a record high rate of unpaid property taxes. Detroit is currently considered to be one of the worst housing markets in the United States based on the decline of housing prices and increase of foreclosures. The lack of jobs and weak economy in the greater Detroit area are considered to be the primary factors contributing to the housing crash in the area.

Many property owners are still at risk of losing their homes to foreclosure if they fail to pay their property taxes three years in a row. This is spite of them meeting their monthly mortgage payments! When this happens, the county takes control of the home and auctions it off to pay the balance of taxes due. Counties in the Detroit are struggling to recover millions of dollars in unpaid back taxes. The issue has had a very large impact on counties in the greater Detroit area.

There are a few steps property owners who are behind of their property taxes can take to hold or stop their foreclosure. The first step to start making payments on their current taxes. Many homeowners think they are doomed if they cannot pay off all of the taxes due and resort to paying nothing at all. Remember, making any payment, even a tiniest amount, is better than paying nothing at all. If you are not able to pay the whole amount of the taxes, at least start paying off the oldest taxes first. Taxes unpaid after three years places you at risk for foreclosure. Paying off the oldest taxes first gives you a little more breathing room.

You might also check with your county to determine whether you may be eligible for an extension for property taxes which are unpaid. In some situations, the county treasurer may be able to grant you an exemption for your taxes if you are able to demonstrate extreme hardship. It is best to do this as early as possible; however, as there are commonly deadlines for the exemption applications.

Also, check with your mortgage holder to find out if they offer a program or loan that may provide you with the cash to pay your taxes. It is rarely in the best interest of the mortgage holder to have the county take over a property, so they are often willing to work with the homeowner to avoid foreclosure. When you do this though, you will be taking on an increased debt burden.

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