5 simple tax strategies for every home owner
As a home-owner, you need to pay your property tax regularly to your area Corporation or infrastructure board. If you don’t file your property tax at the proper time, then you have to pay more which may include fines.
The Accounting and Tax is a professional Tax Consultant in Toronto, and here we recommend 5 simple tricks which you may follow to avoid paying a huge amount of money as a property tax.
COLLECT A PROPERTY TAX CARD OR CHART OF TAX RATE AND STUDY IT THOUROUGHLY
Visit the local office of your area Corporation or infrastructure board and collect the document which contains the information about your assessed property. The information will include the size of your plot, total floor area of your building, the number and type of fixtures, etc. If you have made any new construction in your home or if you have made any changes in your earlier construction, then that should be mentioned in that document or Tax Card. If you find any discrepancy, then contact your tax assessor. The assessor may inspect your home and will take corrective measures.
CHANGE OR MODIFY WITH CAUTION
Adding any permanent fixture in your house premises will increase the value of your property. The payable amount of property tax will shoot up. So, contact a tax consultant in Toronto to estimate the new tax amount if you have decided to make any structural modification.
DO NOT DECORATE YOUR HOME EXCESSIVELY BEFORE ASSESSMENT
It has been observed that more attractive homes often receive higher assessed values than the houses which are not so much decorative and attractive. Assessors generally compare a house with houses of the same category. So, avoid using shiny decorative appliances in your home before assessment.
RESEARCH THE PROPERTIES OF YOUR NEARBY LOCALITIES
If possible, then try to collect the information about home assessments of other home-owners of your nearby locations from the local office of area Corporation or infrastructure board. It will help you to find the discrepancy in your assessment. For example, your four bedroom home’s assessed value is $2,00,000. But, your neighbour’s four bedroom home with a garage has an assessed value of $1,90,000. You can now bring this discrepancy to the assessor’s attention.
FOLLOW YOUR ASSESSOR
Do not allow the tax assessor to wander your home unguided during the time of assessment. Some assessors only see the attractive appliances in the homes and make assessments of higher values. Hence, follow your tax assessor and guide him or her properly.
