If you’re a homeowner, a residential property tax protest should always be on your radar around this time of year – even if you filed one last year and won.
The truth is, property tax calculations are based on a lot of arbitrary data – data you just don’t have control of. Appraisal districts use recent home sales and other market info to create your home valuation, and in today’s market, a good chunk of properties are being over-valued. In the end, that means a higher property tax rate and more money out of your pocket – year after year. Read More
Deadlines for property tax protests are quickly approaching, and if you want to lower your appraised value – and subsequently your annual tax burden – the time to act is now. To help you get started (and see success) we’ve pulled together some of our top property tax protest tips below. Use them to your advantage to lower your tax bill – both now and years down the line.
- Use a pro. When it comes to property tax protest tips, none is more important than this one. Using a professional to handle your tax protest comes with so many benefits. Most importantly, it gives you an expert, knowledgeable partner who can build your case and boost your chances of success. They know what it takes to win a protest, and they can make it happen. Using a pro also adds convenience for you. There’s no gathering of evidence or tedious forms, meetings or hearings. They do it all for you. It’s easy, simple and hassle-free.
In some instances, tax liabilities can be discharged by filing bankruptcy. There are two main types of bankruptcy available (Chapter 7 and Chapter 13), each with definitive and complicated rules regarding discharging tax liabilities. In both instances, the following must be true:
- Tax returns were timely filed or it has been at least 2 years since the returns were filed
- Tax returns were last due to be filed for at least 3 years, including extensions
- Tax liability was assessed at least 240 days before filing bankruptcy
- Taxpayer did not pursue tax evasion or defeat
- Tax liability is not due to a fraudulent tax return
- Tax was not assessable at the time of filing bankruptcy
- Liability is not due on Trust Fund Tax
- Tax was unsecured
The IRS Practice and Procedure group is confronting the latest scheme to target taxpayers. The IRS and its Security Summit partners warned Thursday that scammers have sent fake emails purportedly containing CP2000 notices, which are used in the IRS’s Automated Underreporter Program.