Reuters Money

If you want lower property tax rates, you’ve got to ask

For years, the mantra of American homeownership was to count on home appreciation. Every year like clockwork the value went up and houses were a  growing source of wealth.

Now, more than three years after the housing market imploded, the tune is different. It may make sense for you to prove that your home’s value has dropped so you can file for reduced property taxes.

This is the time of the year when local assessors send out notices of your home’s assessed value. Note, however, that this is not your real market value. It’s a base value that’s used to calculate your property taxes. If you want to reduce your real estate taxes, start with paring your assessed value.

You have a reasonably good chance of winning a challenge to your assessed valuation. It’s estimated that some 60 percent of residential properties are over-assessed, although only a handful of home owners appeal, according to the National Taxpayers Union.

As someone who’s volunteered with a local non-profit in Northeastern Illinois on property tax issues, I know it’s worth fighting assessments every year. Sometimes I win, sometimes I lose. If you feel that your assessment is too high, there are many ways to challenge it, but it takes some homework and diligence.

You can always start by checking the property record of your home, which is on file with the assessor. Does it have the correct number of bathrooms and bedrooms? Is the total living space correct? Does it list a finished basement in error? You can fix any incorrect data by either allowing the assessor to inspect your home or by submitting an approved builder’s drawing or survey.

Although you can dispute the assessed market value of your home with your assessor, it’s not an easy task since you may need at least three comparable homes in your neighborhood with lower values.

George Clooney: Property investment changed my life

By Belinda Goldsmith

Hollywood actor George Clooney says a property investment ended up changing his life.

The actor, who has been dating Italian television presenter Elisabetta Canalis for more than a year, told Britain’s Daily Mirror newspaper that he is much less stressed since buying a villa in the European town of Laglio as he can escape the pressures of Hollywood.

“What changed my life in a very pleasant and unexpected way was buying the villa in Laglio. That was a pure investment decision – I thought I would maybe spend a few weeks vacationing there,” he said.

“But then I realized how beautiful life was in Italy and how it really helped calm me and not feel so pressured. I could also work productively and bring my friends over to keep me company.”

The 49-year-old bachelor, who has had a series of short term relationships since his divorce from actress Talia Balsam in 1993, also admitted he has previously put his career before his personal life but is happy to have now changed his priorities.