Property Tax: Lower Your Tax Bill
What is Property Tax?
Homeowners, landowners, real estate investors generally pay property tax. Property tax is a bill sent by the government, based on the value of your house or property. Many in Cook County, Illinois (Chicago) feel that property taxes are too high- forcing hundreds of thousands to move to other states.
How Does it Affect Me?
Many real estate owners (homeowners, landlords, investors) do not their tax bill. If you do not pay your tax bill, your real estate interest can be taken by the state and sold! This is scary for first-time homebuyers, who may not save for property taxes on a monthly basis.
How Can I Reduce My Tax Bill?
If you are a property owner, lowering your tax bill can be time consuming and complex. Some real estate owners argue that fixtures are temporary. It is also important to think about setting a monthly budget for estimated property tax. If you get a tax assessment, working with an attorney can keep you in your home and save you thousands of dollars.