Each year, the government takes thousands, millions and even billions of dollars in taxes from property owners. Unfortunately, many people do not even know that they can significantly lower the amount of taxes they pay on their properties by appealing their property tax assessments. If you are such a person, the good news is that you can save a lot of money in tax savings by initiating a property tax appeal with the help of a professional.
Ontario Property Tax Appeal
If you have been receiving exaggerated property tax assessment notices in the mail over the past few years, you feel overburdened, but do not know how to lower your property taxes, there are knowledgeable and reliable property tax consultants in Ontario that can help. They can handle everything, including the evaluating, managing and even appealing of property taxes through programs that have been proven to yield substantial savings. Some of the things that are considered during the appeal include:
- The Description of Your Property
In case your property assessor gave an inaccurate description of your property in terms of rooms, amenities or square footage then you actually have grounds for initiating a property tax appeal. For instance, if they indicated that your house has four bedrooms instead of three, you can either submit the drawings of the building or get them to visit your property in order to prove that this is the case. In any case, less living space means that your tax bill will be lower.
- Tax Exemptions
A good tax consultant will also guide you on how you can take advantage of the tax exemptions you qualify for, which will in turn reduce your tax load and guarantee you significant tax savings. For instance, if you are living in your own home that you have not rented out, you will definitely qualify for the ‘homestead’ exception. If you are a veteran, a senior or disabled, there are other exceptions you may enjoy, and they can be obtained by calling your assessor or checking their website.
- If You Have Been Over-assessed
If you feel that the estimated market value of your property is actually more than you could sell it for, you also have a viable reason to file an assessment appeal. You can get the actual value of the property by contacting a qualified real estate agent in your area or comparing similar properties in your area. This can be done by checking the properties that are listed on sites such as Zillow, Redfin, or Trulia. You also need to check the reasons that the assessor gave for the valuation and whether they are viable. If they are not, you can always dispute them with your own evidence.
If your property has issues such as flooding, was hit by a natural disaster, or you received a professional appraisal in the recent past, you also stand a higher chance of winning your tax appeal case. If you feel overwhelmed by your tax burden and have no idea how to lower your property taxes, qualified tax consultants can help you through the Ontario property tax appeal process and ensure that you achieve significant tax savings.