Property Taxes!

[Kolombo]

Someone give me the 411 on it. My county splits it up in to two installments, first one is due just around the corner.

Its claimed on the 1040, right? Do I get it back somewhere down the road? Is there anyway I can have a county assessor come out and do a whole new appraisal of my property since property values have significantly changed over the last year? I read somewhere that I may need to hire a surveyor and have them appraise the actual value of my property then submit the request to my tax commissioner? Home values fell, but tax fees still reflect that of a few years ago when market was still good. Don't want to get screwed by the county.

Help a brother out.

[FAH1223]

its happening everywhere man, property taxes STAY going up while home values have drastically fell

Homeowners are looked as ATM Machines for the County and State gov'ts

my parents got this crib in 2003 at $450k, by 06 it was hittin $700k

shid now its back to half a mil

[AbdiWahab252]

Kolombo,

You can, please read below;

http://www.irs.gov/taxtopics/tc503.html


You can fight the assessment made of your property by notifying your city assessor office:

http://money.cnn.com/2003/03/31/pf/your ... ertytaxes/


I would also recommend visiting your city assessors office and looking up assessed values for property in your area for a house similar to yours. You can present discrepancies in your appeal.

The chances of you succeeding depend greatly on how well you prepare.

[Ka darag]

I THOUGHT U WER A WMAN?

[ms.naliaa]

Someone give me the 411 on it. My county splits it up in to two installments, first one is due just around the corner.

Its claimed on the 1040, right? Do I get it back somewhere down the road? Is there anyway I can have a county assessor come out and do a whole new appraisal of my property since property values have significantly changed over the last year? I read somewhere that I may need to hire a surveyor and have them appraise the actual value of my property then submit the request to my tax commissioner? Home values fell, but tax fees still reflect that of a few years ago when market was still good. Don't want to get screwed by the county.

Help a brother out.

Wow....you have to do all that work?

In canada, they do a tax assessment for you (based on the property and the surroundings) accutal amount is usually higher (because they dont actively go inot the property) but the tax amount is based on where you resid and proximety to things.
Property taxes is somethign that will continue to go up regardless of market climate.

[FAH1223]

Wow....you have to do all that work?

In canada, they do a tax assessment for you (based on the property and the surroundings) accutal amount is usually higher (because they dont actively go inot the property) but the tax amount is based on where you resid and proximety to things.
Property taxes is somethign that will continue to go up regardless of market climate.

cause state and local governments are gay, they have these enormous shortfalls and the homeowner always loses

[Kolombo]

AW,

Thanks for the links. Briefly glanced at them, they seem promising.

Form 503 must be attached to the 1040 from I read. So, essentially all the 503 is good for is as a deductible? Sorta like the Schedule-C for self-emplyed business expenditures. But what about the State? Don't I get something back from them? I'm guessing once I do the 503 to claim the deductible and hope I get a refund? gotcha.


Fah,

Uncle Sam always wins out, regardless of the economy. Government always gets paid first.

Your area schools must be top-notch?

[FAH1223]

Fah,

Uncle Sam always wins out, regardless of the economy. Government always gets paid first.

Your area schools must be top-notch?

when we moved, it was the summer before I started High School (it feels so long ago, damn) and my HS had a "Magnet" Program, so it wasn't bad... it was mostly black since we're in PG County but all the white kids in my town in Laurel go to the private schools (shellin out tuition identical to UMD's)

but PG County schools as a whole ain't touching Montgomery County (where I used to live)... or even Howard County which Laurel, MD is also a part of

and Northern VA is a lot better as well

I think DC Public Schools are the only area PG County has a head on the only thing our county has going for us is that UMD is here

[Amethyst]

Before making ur first payment, be sure to ask if there are any deals for first time home buyers. In my state you will get back 10k on that first tax return towards your house, and best part is you don't even have to wait until after January to get it.

So, What is the tax year on the home you bought, then?

[Kolombo]

FAh,

I actually have no beef with paying property taxes since 80% of it goes to paying for board of education expenses. All I'm tryna avoid is getting screwed over. From the county records my home was worth $173k last August when the previous owner was foreclosed on. But I paid a fraction of that thanks to Fannie Mae auctioning it off. The County is still trying to stick me with the usual tax fees from last year, totally not cool.



Amethyst,

Our County splits in to two installments. First one is due by August 30th. Second one is due by December 31st.

I did apply for the first time home owner's tax credit (Form 5405) on my 1040 back in March and did get approved. Its 10% of the actual price for the home as long as it is less than $80k. But my State has no other programs, only at the Federal level. There is a low-interest loan program for first time home buyers, but I never applied for it since it has interest attached to it.

[FAH1223]

lol I'm not against taxes but I am against home owners being looked at as ATMs

btw how do you pay your house since you dont have a mortgage? is it like rent?

[AbdiWahab252]

Kolombo,

Don't expect to pay property taxes based on the price you bought your home from. Just because you got it at discount, doesn't mean that it is the "True Value" for taxation purposes.

I would suggest doing research on comparable properties in the area.

[Amethyst]

^ AW's right.

The prices are set based on the values of the neighborhood, not just of what ur home's worth. If anything its more about the land it sits on.

Amethyst,

Our County splits in to two installments. First one is due by August 30th. Second one is due by December 31st.

I did apply for the first time home owner's tax credit (Form 5405) on my 1040 back in March and did get approved. Its 10% of the actual price for the home as long as it is less than $80k. But my State has no other programs, only at the Federal level. There is a low-interest loan program for first time home buyers, but I never applied for it since it has interest attached to it.

Same here, we pay in May/October.

No, I meant in addition to this credit. lol. Due to the many foreclosures and such all over, they wanted to provide an incentive to folks for buying. So they came up with the whole knocking off another 10k off the price of house, program, partly in help by their new found wealth ala Mr. Obama's Stimulus money. Anyway, reason why I asked about ur tax year, was that you would get a sense of how outdated the numbers were. If it says 05, 06 or earlier, you should get it re-appraised. Shouldnt cost u more than 2/3 hunned or so. if it says 07/08....dont bother, it hasnt changed much.

[Kolombo]

Fah,

No mortgage for me, didn't cost that much to actually need one.

Borrowed funds from family & cashing in on my IRA did the trick, alxamdulilah.



AW & Amethyst,

Thanks.

[AR1223]

its happening everywhere man, property taxes STAY going up while home values have drastically fell

Homeowners are looked as ATM Machines for the County and State gov'ts

my parents got this crib in 2003 at $450k, by 06 it was hittin $700k

shid now its back to half a mil

There's no barakah in anything that involves riba.