Always check to see if your home is accurately assessed. Make sure you aren’t overpaying property taxes. And you need to ensure your homeowners insurance keeps pace with the home’s value.
According to the nonprofit National Taxpayers Union, anywhere from 30% to 60% of all properties are over-assessed. As a result, I tell my clients to mark their calendars to possibly challenge their property tax assessment. At least do a review and see if there is something you need to do to have your assessment reduced.
How Do You Do This?
- Engage your realtor for help on finding the latest comparables.
- Or ask me for help.
- You can also pay an appraiser.
- Do it yourself and use resources like Homes.com What Is My Home Worth or Zillow What Is My Home Worth.
Homeowners Insurance Also Needs Reviewing
You should also regularly review your homeowner’s insurance policy. Can your costs be reduced? And make sure the coverage doesn’t become too low over time.
- Is there anything you can do to reduce cost?
- Are you getting a multi-policy discount?
- Should you switch carriers?
- Does your policy have an inflation adjuster?
- Is your policy a guaranteed replacement cost policy?
- Do the coverages you initially chose still work for you?
- Have you done an addition that requires adjusting your policy?
- Are there recent renovations that have increased the value?
Read more about checking to see if your homeowner’s insurance coverage is too low.
Pay someone else to do it?
There are also companies that will review your property tax assessment and insurance coverage. They’ll file a property tax protest on your behalf. And if your insurance can be tweaked to save money, they’ll tell you how.
You can search online for “tax challenge companies in my area”.
Or you can use a national company like Incenter Tax Solutions, which works to appeal property tax assessments, and can also review homeowners’ insurance.
Smaller and more local companies usually charge a fee. Incenter charges nothing to review a case, and there is no charge if the appeal is unsuccessful.
Conclusion
Do you still have questions about how to manage your property taxes and homeowners’ insurance? Not sure if your home is accurately assessed? Contact me to discuss your questions. Click here to schedule a call, or you can email me directly.
Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.
