People who argue that hiring a tax advocate is a waste of time are clearly not aware that they are valuable assets. Every year, property tax assessments are sent out to property owners across the state, and each year more and more people are stumped about how to proceed.
In all areas of life, getting assistance from experts can go a long way to reduce your burden. The same can be said for property tax consultants. Perhaps a proper understanding of the term would help simplify the duties they perform.
Who exactly are property tax advocates?
A property tax professional specializes in taxation and finance. They provide consultation on various matters, including data compilation, negotiations and appeals, tax payments, tax deductions, and protests. They also assist with tax compliance to minimize your liability.
Why should you work with a property tax consultant?
1. Valuation expertise
Property tax rates are determined based on the result of the appraisal. But an accurate appraisal depends on the accurate collection of data, and different approaches could be taken to determine the value of your property.
Although property appraisals are done by tax officers in your state, understanding your property value can help you determine whether or not you have an accurate assessment. Thankfully, property tax advocates possess the necessary expertise for real estate valuation.
With tax evasion on an all-time rise, the government has introduced a variety of modifications to existing tax laws to ensure compliance. It is easy enough to get carried away with the complexities of your daily life and stay unaware of these changes.
But a property tax professional has no such luxury. Their business is the business of taxation and law. They are always on the pulse of new trends in property tax law and any amendments or insertions so you can stay updated and comply with such provisions.
The benefit of working with a professional always comes down to the experience they possess. To put it lightly, they’ve been around the block and have worked with many tax issues of varying complexities.
Therefore, when you hire a tax consultant, you gain access to their expertise and wealth of knowledge. In addition, they can provide innovative strategies to help you overcome any problems that may arise.
A lot of individuals who choose to represent their property tax interests always struggle with time. The average taxpayer spends over 24 hours preparing and filing their taxes, and this is with foreknowledge.
If you’re completely clueless but prefer the DIY approach, you may end up spending more time. From there, it’s a downward slope leading to missed deadlines and penalties. On the other hand, a property tax consultant is an efficient tax machine.
They can take on the responsibility of preparing your ax estimates, reviewing values, filing protests, and negotiating value reductions. But, of course, they would never miss a deadline.
5. Litigation support
Although most appeals are resolved at the informal hearing, there are cases where you will need to pursue an ARB hearing. Property tax consultants are skilled at presenting and defending their findings during appraisal review board hearings.
They can effectively present your case convincingly and negotiate a reduction and settlement with the assessors during proceedings.