Middle and Lower Income Families Fall Prey to Over-Paying Property Taxes

PRLog (Press Release) - Feb. 1, 2012 - Contact:
Joness Gonzales
RER LLC
Tel: (201)-855-6399
Email: JGonzales@rernj.com

FOR IMMEDIATE RELEASE

Middle and Lower Income Families Fall Prey to Over-Paying Property Taxes

With tax season underway, taxpayers— especially those that fall within the middle to lower income brackets— need beware: As property values have declined over the years, many homeowners unknowingly continue to pay more than necessary in property taxes, which are calculated based on home values.

Clifton, NJ, January 2012— When measuring a home’s affordability, property taxes stand among mortgage payments and living costs as a significant determining factor— which is why homeowners should pay attention: As property values have dropped, the cost of property taxes may have declined, as well, because the taxes homeowners pay are based on the current value of their home. Most often, it’s those in the middle to lower income tax brackets— who may not have access to tax advisors and the financial information— whose properties are over-assessed, meaning it’s those in the middle to lower income tax brackets who end up spending an excess amount of money in taxes.

“Between 30% to 60% of U.S. properties are over-valued,” explains Jeff Pacailler of NJ Tax Appeal, a service dedicated to helping homeowners appeal their property taxes without the costly fees of hiring an attorney. “Homeowners pay property taxes based on the amount that their homes are valued, so over-assessed properties essentially leads to over-paying taxes.” Those in the middle to lower income tax brackets are more likely to fall victim to higher tax costs, since oftentimes, they don’t have access to resources that inform them of the situation, or the steps they can take to correct it.

So what can homeowners do to rectify the damage done to their pockets every quarter? “Appeal your taxes,” says Jeff. “If your property value has declined since your purchase, you can take steps to prove so to your municipality and get your taxes lowered.”

Unfortunately, despite the possibility of a huge savings, less than 5% of taxpayers move forward with disputing their assessments. Recognizing that homeowners may be intimidated by the tax appeal process and then discouraged by cost of hiring an attorney to proceed with an appeal, Jeff created NJ Tax Appeal. “We provide people with the education they need to appeal their taxes on their own. For those who need a little more guidance, we offer cost-effective services that help them get the highest reduction possible in taxes. Every little bit of money you can save helps.”  

Jeff discusses tax appeals in further detail at http://blip.tv/real-estate-mastery-saturday/tax-appeal-58...]www.duggal.tv. For free property tax appeal decision tools and other resources regarding tax appeals, visit http://www.nj-tax-appeal.com/]www.nj-tax-appeal.com.

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