Wednesday, September 3, 2008

Real Estate Investing: Abatement of Real Estate Taxes

Hello All:

James Gage here with a real estate tip that may save you hundreds of dollars on a yearly basis on your property tax bill ! Many of you may say I already know about this, but my question is how many of you are taking advantage of this strategy on a yearly basis?

You see all communities offer what is called an " Abatement Process", that is, usually in January of each calender year, the city or town of where the property is located allows owners to petition the city/town government through the abatement process to lower said properties real estate taxes. You will have to call your local town hall or city hall and request an abatement form along with the proper time frame to file. When you receive the form you make a case on why your taxes should be lowered, such as value of the property in your opinion has dropped, what you purchased the property for is not what you could sell it for, the neighborhood as a whole has lost value etc...

It has been my experience that the powers that be will always allow some sort of decrease in taxation just for the mere fact that you took the time to file for abatement.

Hope this helps.

Be well.