All homeowners are obliged to pay property taxes. But how much do we really know about property taxes? Why is it important that we understand them? We all know that this tax depends on the property value and tax rate at that time. However, are there various types of taxes? What other important information do we need to know about them?
What is the property?
Before we understand the property tax, it is important that we understand what it is. There are two main categories of property. This is real and personal. There are many real and personal property definitions. However, they can be easily distinguished. The real property includes land and moving features installed on it. Examples are houses, apartments and shopping centers.
Personal properties on the other hand are those who are not included in the real category. This is an item that is not installed on land. This is usually a cellphone. These examples are livestock, cars and computers. However, this can be categorized further to become real and intangible.
On the other hand, those who are included in the intangible categories are those who do not have physical attributes such as copyright and patents. The Nettles & Co Property Tax Consulting has been working hard to reduce the burden of property taxes for individuals, investors, asset managers, banks, and realtors.
You can file a tax appeal during the reassessment of your property. This is common today because the market values of the properties have significantly dropped but the taxes charged against them have not changed.
If you think that your property has not been assessed properly, consult a property tax lawyer or a tax consultant regarding this matter. There are also exemptions in property taxes, check if you qualify for the exemptions. Normally, the handicapped and the senior citizens are exempted from this.You should also be aware of the different tax incentives of the properties you have. Check if you qualify for any of the incentives offered by the government to first time buyers. Investment properties also have incentives.