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Appealing Your Property Tax Assessment

The classic case of the squeaky wheel getting the oil involves property tax assessment appeals.  Studies have shown that the majority of homeowners who appeal their assessments end up with a reduced property tax bill.  To put the odds in your favor, do some homework.  First, find out from the town how you go about appealing.  Then, review city records that shwo the assessments of other homes in your neighborhood.  Look for inconsistencies that you can show result in your home being overtaxed.  Prepare your case carefully, and good luck.
 

News Update for Homeowners.  Many homeowners continue to pay for private mortgage insurance (PMI) long after they are required to.  The reason for this is that the lender and the PMI insurance company not only weren’t obligated to tell you that you no longer need the insurance, they had no incentive to do so.  After all, you were paying somewhere between $40 and $100 per month for the insurance.  Incidentally, PMI reimburses the lender in the event you can’t pay your mortgage and homeowners who put less than 20% down on a house are usually required to pay the PMI premiums.

But a new federal law, the Homeowner Protection Act, requires that PMI be terminated when the outstanding balance of a mortgage reaches 78% of the value of the property.  The regulations require information about PMI rights and an address and telephone number for a homeowner’s mortgage company to be included on either the mortgage-interest statement or escrow account statement that homeowners receive each year.  But don’t wait for those statements if you think your current mortgage balance is 78% or less than the value of your home.  Put more money in your pocket by calling your lender to find out how you begin the process of getting rid of your PMI.