Landlords with growing rental portfolios looking to build wealth know that even as you pay off your mortgages, your property tax bills aren’t going anywhere. In fact, they are most likely going up every year. That’s why contesting your property tax increase is extremely important; you are lowering your baseline for years to come. Plus, according to the National Taxpayers Union, a whopping 60 percent of homes are overvalued for property tax purposes. While the exact process of appeal varies by state, ABC News highlights the three common arguments you can make to appeal your tax assessment:
Keep in mind that you often have as little as 30 days to appeal your tax assessment, so don’t waste any time. Many lawyers can help you with this process on a contingency basis. Find a tax lawyer in your area through Lawyer.com or find additional help in the full ABC News article. For more ideas on maximizing your rental profits, see our blog category “Maximizing Rental Profits.”
Related: Landlords: Take Advantage of Tax Breaks to Maximize Profits, Save on Flood Insurance with AmeriFlood Solutions Inc.