Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

property taxes are determined

Author Message
McAlexander

Guest







Post Posted: Wed Mar 07, 2007 10:46 am    Post subject: property taxes are determined
Like 0
Dislike 0

I would like to know on what basis property taxes are determined, is it based on value of the property or any other condition, I live in washington….thanks for your help.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile blue
blue




Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND
138.04 Dollars($)
Post Posted: Wed Mar 07, 2007 11:05 am    Post subject:
Like 0
Dislike 0

Hi McAlexander,

Welcome to Mortgagefit discussion board.

The amount of your property tax is based on:
1. Assessed value of your property and
2. The tax rates in your taxing jurisdiction.

The assessed value of your property is determined by the assessor by taking into consideration the estimated present market value of the property after deducting applicable property tax exemptions.

While the tax rate is based upon the amount of tax levy which is to be raised from all parts of the taxing district & the taxable assessed value of all type of property situated in the district.

Do let me know if you have any other questions.

Thanks
Blue
McAlexander

Guest







Post Posted: Wed Mar 07, 2007 11:19 am    Post subject:
Like 0
Dislike 0

Thanks blue for the response but what is a tax levy that you mentioned which is used for finding the tax rate and what can I do if I do not agree with what has been given as the current assessed value of my property, if you can provide some details it would be very helpful , thanks again.
Icon Mini Profile carnahandavid
carnahandavid




Joined: 21 Dec 2006

Posts: 238

58.41 Dollars($)
Post Posted: Wed Mar 07, 2007 1:01 pm    Post subject:
Like 0
Dislike 0

Hi McAlexander,

In the budget how much money is to be raised as property taxes from a tax jurisdiction/local government is set and this total amount is called the property tax levy. Local government consists of various taxing districts and this tax levy would be higher or lower in the next year is decided by the budget making authorities of the local government.

It might happen that some error occurred in the assessment process and what has been provided as your property's assessed value is not correct. You can contact the assessor's office to review valuation of the property. Oftentimes disagreements can be settled at this level without having to file any formal appeal.

But if you are not satisfied with the reason provided for the assessed value as it is presently than you should file a written appeal with your county's Board of Equalization which is normally situated at the county courthouse.

The appeal form would be available at the assessor's office as well as county board of equalization office. You will have to file your appeal petition by 1st July of the assessment year or within thirty days of the notice of change of value was mailed to you.

David
Icon Mini Profile pan_kul





Joined: 13 Mar 2007

Posts: 12

7.08 Dollars($)
Post Posted: Tue Mar 13, 2007 11:08 pm    Post subject:
Like 0
Dislike 0

Hi McAlexander,

You can check out the Property tax levy reports by following this linkfor more information. Hope this will help you.......

http://www.michigan.gov/treasury/

_________________
Cheap is the best things to do with loanskey uk.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.190 seconds.