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10 Ways To Cut Your Property Taxes
By Paul Wilson
Property taxes are decided collectively by school boards, town boards, legislators, and councils. The tax rate is set by collating the amount of funds an area needs. This is then divided that by the “total taxable” assessed value of the area. The tax an individual pays is computed by multiplying the tax rate by the assessed value of your property and then deducting any applicable exceptions. Property taxes are at an all time high. Studies indicate that they have increased more than 35% in five years. Property is assessed by determining property costs in any given area. Property is valued by studying: the current sale price of properties in the area, costs to be incurred to replace the property, potential realization of property if it is rented, sold, or gifted, and the historical value of a property. There are a few ways in which you could save on taxes: 1. Check if the state you reside in is offering any rebates. For example, a money back rebate, energy

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Farm bill on the move as Senate hearings set
<div class="field-byline"> NAWG </div> The agriculture community took a number of important steps toward a 2012 Farm Bill, with commodity groups meeting in Washington to discuss the issues and the Senate Agriculture Committee announcing a hearing schedule. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/government/farm-bill-move-senate-hearings-set" target="_blank">read more</a></p>
DOL re-proposing part of child labor rule
<div class="field-byline"> NCC </div> In response to requests from congressional members and the public, including comments submitted by the NCC and other agricultural interest organizations, the Department of Labor (DOL) is ?re-proposing? the portion of their proposed child labor rule regarding the agricultural parental exemption. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/government/dol-re-proposing-part-child-labor-rule" target="_blank">read more</a></p>
Cotton flow strides conveyed to USDA
<div class="field-byline"> NCC </div> During a Washington, D.C., meeting, cotton industry representatives briefed USDA officials on industry efforts to improve cotton flow and sought the agency?s cooperation with future industry initiatives. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/government/cotton-flow-strides-conveyed-usda" target="_blank">read more</a></p>
Farm groups discuss next farm bill
<div class="field-byline"> NCC </div> In a statement issued by 13 farm and commodity groups, the organizations stated they are committed to work together to come up with a viable farm policy. Also confirmed is their common belief that Congress should pass and the President should sign a strong new farm bill into law this year. The law expires at year?s end and producers ? like all job creators ? need certainty from Washington. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/government/farm-groups-discuss-next-farm-bill" target="_blank">read more</a></p>
Super Bowl goes organic
<div class="field-byline"> Shayla Mae Bailey, AMS Public Affairs </div> The push to bring organic and locally-grown options to the concession stand came from a partnership between non-profits that support family farms, celebrities and Centerplate, the NFL?s largest concession provider. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/management/super-bowl-goes-organic" target="_blank">read more</a></p>
Skin in the game may help dairy industry
<div class="field-byline"> Phil Durst, Michigan State University Extension </div> One of the complaints that dairy owners often have about employees is they don?t seem to care or that they don?t take ownership in the operation. Yet, should we be surprised when employees don?t take ownership in a business in which they have no ownership? <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/management/skin-game-may-help-dairy-industry" target="_blank">read more</a></p>
California Crop Weather: rain, warm temps spur field crops
Pre-emergent spraying, irrigation, orchard removal, planting, and pruning continued in California nut orchards. Growers also applied some fertilizers, herbicides, and soil amendments. Walnut orchards were pruned. <div class="field-image-promo"> <a href="/tree-nuts/california-crop-weather-rain-warm-temps-spur-field-crops" class="imagecache imagecache-med_crop imagecache-linked imagecache-med_crop_linked"><img src="http://westernfarmpress.com/site-files/westernfarmpress.com/files/imagecache/med_crop/uploads/2012/02/winter-wheat-usda-photo-1.jpg" alt="" title="" class="imagecache imagecache-med_crop" width="355" height="200" /></a> </div> <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/tree-nuts/california-crop-weather-rain-warm-temps-spur-field-crops" target="_blank">read more</a></p>
Attractive but unbalanced dairy growth creating challenges
<div class="field-byline"> Rabobank </div> Solid market growth, supply constraints and a structural shift in the costs of producing milk may sustain high milk and dairy commodity prices over the medium term. But this won't translate to increased profits for all. The unprecedented leap in farm gate milk prices in recent years has caused the position of dairy farmers to generally improve, but less than many outsiders might imagine. <div class="field-image-promo"> <a href="/markets/attractive-unbalanced-dairy-growth-creating-challenges" class="imagecache imagecache-med_crop imagecache-linked imagecache-med_crop_linked"><img src="http://westernfarmpress.com/site-files/westernfarmpress.com/files/imagecache/med_crop/uploads/2012/02/dairy-cows.jpg" alt="" title="" class="imagecache imagecache-med_crop" width="355" height="200" /></a> </div> <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/markets/attractive-unbalanced-dairy-growth-creating-challenges" target="_blank">read more</a></p>
Wine production gives blueberry producers a market for extra berries
<div class="field-byline"> Robert H. Wells, University of Florida </div> Wine production offers blueberry producers a market for extra berries they might not be able to sell due to slight imperfections or late ripening. <div class="field-image-promo"> <a href="/grapes/wine-production-gives-blueberry-producers-market-extra-berries" class="imagecache imagecache-med_crop imagecache-linked imagecache-med_crop_linked"><img src="http://westernfarmpress.com/site-files/westernfarmpress.com/files/imagecache/med_crop/uploads/2012/02/bluez.jpg" alt="" title="" class="imagecache imagecache-med_crop" width="355" height="200" /></a> </div> <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/grapes/wine-production-gives-blueberry-producers-market-extra-berries" target="_blank">read more</a></p>
Child labor controversy grows like grassfire
Following uproar in the agriculture sector and pushback from Congress, the Department of Labor has decided to revisit the language of a proposed rule regarding children who work their family?s farm. <div class="og_rss_groups"></div><p><a href="http://westernfarmpress.com/government/child-labor-controversy-grows-grassfire" target="_blank">read more</a></p>


rebate, capping of taxes, or home owners rebate where under certain conditions you may be eligible to claim a rebate. 2. Ensure that the property is assessed right. This will ensure that you do not have to pay excess taxes. Assert your right to check you assessment report ensure that there are no miscalculations, mistakes, or assumptions. If in any doubt, do put in an appeal. According to statistics almost 50% of the cases win some relief. 3. Check all exemptions allowed according to the law. 4. Buy property jointly with a partner or family member. This way both owners become eligible for tax rebates. 5. Check if your assessment is in according to other properties in your neighborhood. Check with the assessment office or with your neighbors themselves. It helps to know applicable laws. Use the help of a real estate professional to put together a file of properties similar to yours that have a lower assessment. Or, use the bank’s appraisal to support your case. Be sure that the case you gather together is water tight. 6. Use a property consultant to help you save taxes. Some charge a flat fee while others just a percentage of what you save. A professional will check how assessment is done and also if there are any loop holes you can use. 7. There is strength in numbers. Get together with other owners who are also checking or fighting assessments. Check on the National Taxpayers Union Web site http://www.ntu.org for your rights. 8. Ask you home loan provider whether you are eligible for refund of property taxes paid. Some agreements have a provision for this. Many mortgages have automatic escrow of taxes. 9. Even before you buy a home find out what the property taxes are in the area and what have been the increases in tax rates. 10. Be sure to read through assessment and tax manuals published by your local authorities. These will give a clear idea of what are the parameters used and what you must do to reduce or pay the correct property taxes. In order to be money smart you need to get the help of an efficient and dedicated accountant, plan your tax liabilities well, known thoroughly all aspects of Property Tax. If you are prudent, you can benefit by using ways and means to cut your tax burden and liabilities.


Here are some more estate planning articles...
Selling Your Business- Deal Structure And Taxes
By Dave Kauppi
2006-08-07 The purpose of this article is to demonstrate the importance of the tax impact in the sale of your business. As an M&A Read more...
California Local And Property Taxes
By Kris
As the California state population increased, the demand for housing also increased and this resulted in higher property values and higher taxes. Local taxes - About 35 percent of the total, Read more...
Tax Alternatives: The Negative Income Tax
By Richard A. Chapo
Nothing gets people more riled up than a discussion of taxes, but what alternatives are there to the current system? The negative income tax is one such possibility. Tax Alternatives: The Read more...
Baby-boomers--will-they-be-able-to-afford-their-parents-
By Lee-R.-Phillips
Do you worry about whether your aging parents have their "affairs inorder?" You should. After all, youre the one who will have to payunnecessary taxes and endure time-consuming court Read more...
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The preparation of a plan of administration and disposition of one's estate using a will, trusts, gifts, power of attorney, etc.