Assessment Appeals Can Lower Property Taxes for Atlanta Homeowners
If you're looking for ways to save money, your house may hold the solution.
No, I'm not talking about refinancing or selling - I'm simply talking about property taxes. Roughly 60 percent of homeowners are paying property taxes that are based on home values from several years ago, according to the National Retail Federation. That means many of us are paying thousands more dollars than we need to, since housing prices dropped dramatically after 2007.
Property taxes are supposed to be reassessed every 3 to 5 years, but counties aren't in a rush - they'd rather take the extra money. Luckily you don't have to wait for them. You can request a reassessment - and possibly lower your tax bill - yourself by filing an appeal with your county assessor's office.
If you think you're paying too much in property taxes, you have every right to find out. It may or may not pay off - on average, appeals have a success rate of between 20 and 40 percent - but it's worth a shot. It shouldn't cost you anything except a few hours of your time, but it can potentially save you thousands of dollars.
When you lower your property tax bill, it's like automatically increasing your income - more money in your pockets every year for the bills, groceries, vacations, what have you. But even if you aren't eligible for a smaller tax bill, you can still free up more money by lowering your debt. Bankruptcy might be the best way to do it.
By paying more than the minimum, you can lower your debt balance - in turn lowering the amount you pay in interest. Before you know it, your bill will shrink and your savings will rise. Think you can't afford to increase your monthly payments? That's where bankruptcy comes in. The right bankruptcy plan can provide you with an affordable payment schedule - or even a way to discharge debt. When you sign up for a free personal debt analysis, one of our Atlanta bankruptcy attorneys can identify a plan that suits your needs. So you'll start reaping savings, no matter what the size of your property tax bill.