Are real estate taxes a "silent" tax? Most homeowners rarely think about their real estate taxes, as there are few reminders throughout the year to bring them to your attention.

With federal or state income tax you get a reminder that you are paying taxes at least monthly, in the form of deductions on your paycheck. You are reminded of those taxes when you make a charitable contribution (and save the receipt for tax time), and in many other ways.

With real estate taxes, most of us don't think about it. In my case, my real estate taxes are payed out of an escrow account that is part of my mortgage, so unless there is a radical change that increases my monthly payment, I used to never think about them.

With the radical downturn in the economy and the plummeting values of homes in my area, this became something that was worth monitoring. I can save money if my house is over assessed, helping offset some of the loss of value.

Reducing my assessment can also lower my monthly mortgage payment by reducing the amount that I pay into my escrow account.

Labels: assessment, lower property taxes, property taxes, real estate tax, saving money