When you owe more on something than it’s worth, you are “upside-down”. If this describes your home, fear not. There’s an upside to being “upside-down”.
Get the Tax Man to reassess your property’s value and thereby lower your tax bill.
My buddy JT had his home’s value reviewed. The Assessor came back with an even lower value than what JT hoped. He saved over $1,000 in property taxes. Remember, that is after-tax money. In his case, that was more like what is left after paying taxes on income of $1,500.
I dunno what goes on in your parts, but here is information about the appeal process in Los Angeles, where property owners are allowed to appeal their value between July 2 – Nov. 30.
Contact your local assessor and turn those lemons into a half full glass of lemonade!