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Property Tax Proposals Bring Welcome Relief

Amanda Bar

Well, it's official - I received a notice for my proposed property taxes for next year, and my previous rate of $3,632 has shrunk down to the tentative amount of $1,955.  Unless some unforeseen event occurs to alter this decrease, I am jumping for joy at the thought that I might not have to live as budget-conscious as I have been for the past year.

A big factor in my decreased taxes is my homestead exemption - something that I did not have the foresight to take care of last year when I had the chance.  Also, my assessed property value went from $172,950 to $126,600, which is much closer to the amount for which I bought my home.  So adding on my homestead reduction, as well as the reduced market value of my house, my listed taxable property value is $76,600 (down from last year's $172,950).  I don't need to be a math major to know that this will equal a huge difference in my monthly mortgage payments, and for once I can't wait for the bills to roll in!

 I hope you all had similar good news, but if not make sure to review your options for contesting your property taxes!

Posted by Amanda Conwell at 08:14 PM on August 31, 2010 in Housing , Savings | Permalink | Facebook | Digg | del.icio.us | AIM

Comments

Think Much?

Your assessed property value was ABOVE the price which you bought your home for? Wow, you think you should have appealed that? That was money down the toilet.

Amanda Conwell

Think Much -

As I discussed previously on this blog, as a new homeowner I was fumbling in the dark a bit when it came to what I should and should not be doing, and that includes whenever I received my 2009 proposed tax paperwork.

Firstly, I'm sure I didn't know what I was looking at (I sure know what to look for NOW!), and secondly, when my property tax sky-rocketed I tried contacting the county immediately to discuss a possible re-assessment. Alas, my time frame to fight the increase had passed, and for an entire year I had to suffer financially due to my ignorance.

It's all a learning process, though.

You can read about my tax woes here:

http://miamiherald.typepad.com/no_spend_zone/2010/01/spikes-in-taxes-rising-escrow-payments.html

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