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Cities all over the country (and the rest of the world) are grappling with pension fund problems. Every year, pension obligations increase, and city officials have to come up with ways to meet those obligations. One of the most common ways cities fund pension payments is by increasing property taxes. In fact, over the last decade, citizens in many cities have seen their property taxes go up every year. And judging by the state of many pension funds in many parts of the country, it looks like property tax hikes of varying degrees will remain the norm for many for the foreseeable future. PROPERTY TAX RATES AND PENSION FUNDS IN ILLINOIS In Illinois, a growing list of cities and municipalities have been seeing rising property taxes, with officials struggling to pay for pensions. In the city of Quincy, for instance, homeowners will see a higher property tax rate in 2019. The increase is geared towards meeting the surging cost of pension obligations According to  Illinois Po...

Taxes that you pay every year helps your community grow, as it funds your local schools and government. However, the increase may affect you greatly as homeowners are  estimated  to pay around $2,000 for their property tax at the end of each year. Even after paying off your mortgage, the amount you need to pay may still seem staggering. Before you start worrying, the good news is that there are ways to lower your taxes before the notice comes. STUDY YOUR PROPERTY TAX CARD Most homeowners don’t realize that they can just drop by the town hall and request a copy of their tax card from the local  assessor . With this card, it shows the information of the homeowner’s property, like the lot size, dimensions of the home, and other data that they’ll need to compute taxes with. Asking for your property tax card and reviewing it for discrepancies is one of the easiest ways you can possibly lower your taxes. It’s a very simple step that most homeowners miss but letting ...

Reviewing CDU and grade of your home Review the appraisal district’s description of grade and CDU (condition, desirability and utility) for your house. Grade is a qualitative evaluation of the construction materials and level of craftsmanship used to build your house. Most appraisal districts have about eight to 15 different grades to describe homes of varying quality. Entry-level appraisers typically make the initial estimate of grade. The appraisal district’s estimate of grade for houses within a subdivision often varies for homes that are essentially identical. This can occur when two or more appraisers are evaluating the grade of properties within a subdivision. The CDU or condition factor is highly unreliable. However, the appraisal district uses this as a key factor in valuing your property. The appraisal district, in most areas, believes it actually knows the quality and condition of improvements in homes that are 20-to-80-years-old, even though they have not been in the hou...

The Primary Duty Of The Taxpayer Liaison Officer (TLO) Is To Resolve Conflicts Between The Appraisal District And The Taxpayers. Important responsibilities associated with the Taxpayer Liaison Officer are: PROFESSIONAL TREATMENT TO CLIENTS/PARTIES The Taxpayer Liaison Officer reports directly to the appraisal district’s board of directors and not to the chief appraiser. Their primary role is to resolve problems not addressed through the normal channels. RESEARCHING AND ENHANCING COMPLAINTS IN DETAIL After getting adequate information from the complainant, the Taxpayer Liaison Officer researches the complaint with an objective of resolving any legitimate complaints. Subsequently, a report is submitted along with comments and suggestions to the appraisal district’s board of directors at their next meeting. The TLO is required to report on all complaints and whether or not they have been resolved. INVESTIGATION AND ERROR MANAGEMENT The Taxpayer Liaison Officer is resp...

As a property owner, it is essential to understand how to read a property tax bill.  Doing so will help you learn more about the way your property taxes are calculated and will ensure that you pay the  correct amount on time. LOOK CLOSELY AT YOUR TAX BILL AND CHECK FOR A NUMBER REFERRED TO AS THE PROPERTY INDEX NUMBER It is usually listed towards the top portion of the bill and refers to the type and legal description of your property.  Make sure that this information is correct before proceeding with paying your property tax bill. LOCATE THE OFFICIAL AMOUNT OF THE ASSESSED VALUE OF YOUR PROPERTY ON YOUR PROPERTY TAX BILL. This amount is calculated by your local government, usually at the county level, and is based on the estimated value of both the building itself and the site or plot of land where the building is located.  This amount reflects the value that the assessor believes your property would sell for if put up for sale on the open market on t...

If you are a business owner in Texas, you must appeal business personal property tax every year. Business personal property values are reassessed each year in Texas. “Collecting more taxes than is necessary is legalized robbery.” These words of wisdom, spoken by the 13th president of the United States, Calvin Coolidge, still ring true in today’s society for homeowners and business owners. Robbery may seem like a harsh word, but what would you say if someone tried to sell you one-year-old motel sheets for 90% of the original cost? Based on the appraisal district’s depreciation schedule, this is a fair deal. Most people would not consider this a fair deal and either reject the offer or request a lower price. This should be the same thought process when the appraisal district overassesses your business personal property (BPP). Texas law requires business owners to report BPP, personal property used for the production of income, to the appraisal district for assessment and ta...