During the final week of the year many people will pay their property taxes due in January so they can take a tax deduction off this years income. While you focus on the April 15th filing deadline for your income taxes you might want to consider a faster approaching deadline on February 20th to appeal property taxes.
Have you felt the pinch of skyrocketing property taxes? According to this recent article property taxes have soared 50% nationwide from 2000-2006. During that same time frame inflation has increased 17% while household income has dropped 2%.
Being in the real estate business we see the unfortunate reality where older homeowners reach the point of having to sell their home because they can no longer afford the taxes.
Some towns are offering an opportunity for Seniors work off their taxes. The problem with that solution is that it only works for a select group of able bodied Senior Citizens. In one of the more expensive sections of the country (Westchester County -NY) one town is offering $7 an hour. The woman in the example is 76 years old with a monthly Social Security check of $620. She has been in her home for 43 years and taxes are now 12k annually. Can she really be expected to put in 42 hours a week all year long just to gross enough to pay the tax bill?
A better solution is for "We The People" to stand up and say ENOUGH is ENOUGH. Government spending on every level is out of control. You can start small with you own home. Look at your assessment and compare it to similar homes. If you are being over charged appeal the tax assessment.
In Connecticut the deadline to file a petition to appeal your taxes is February 20 annually. You can find more information at the town hall or select the link if you are in Madison, CT 06443 or Guilford, CT 06437
If you are interested in Buying or Selling a home in New Haven County let me know and I will happily explain the real estate market so you can decide if current conditions make it the right time for you to make a move.