As the owner of Quantum Management in Elmsford, New York, Joseph Kanner supervises a portfolio of properties that includes condos, rentals, and co-ops. In addition to handling all the day-to-day operations of the company, Joseph Kanner identifies and implements strategies to reduce the company's real estate tax bill.
Property taxes play a vital role in the health of any community, often funding important services such as public education and road maintenance. However, equally important is that all property owners are taxed fairly. The amount a property owner pays in taxes is primarily determined by two elements: a tax rate, usually set by the local government, and the assessed value of the property, which is handled by the property tax assessor.
While there isn’t much a property owner can do about the government-set tax rate, the assessed value of the property can, and often does, fluctuate from year to year. To ensure a fair assessment, try to accompany the assessor while he or she is conducting the assessment. By doing so, you’ll have a chance to point out negative aspects of the property, which might lower the assessed value.
Additionally, be sure to let the assessor conduct a full evaluation of the property. For example, if you don't allow an assessor inside a building, in many jurisdictions the assessor has a right to assume that major improvements have been made to the property, which will raise the assessed value and lead to a higher tax bill.
Property taxes play a vital role in the health of any community, often funding important services such as public education and road maintenance. However, equally important is that all property owners are taxed fairly. The amount a property owner pays in taxes is primarily determined by two elements: a tax rate, usually set by the local government, and the assessed value of the property, which is handled by the property tax assessor.
While there isn’t much a property owner can do about the government-set tax rate, the assessed value of the property can, and often does, fluctuate from year to year. To ensure a fair assessment, try to accompany the assessor while he or she is conducting the assessment. By doing so, you’ll have a chance to point out negative aspects of the property, which might lower the assessed value.
Additionally, be sure to let the assessor conduct a full evaluation of the property. For example, if you don't allow an assessor inside a building, in many jurisdictions the assessor has a right to assume that major improvements have been made to the property, which will raise the assessed value and lead to a higher tax bill.
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