Negotiate with your bank and lower your mortgage rates, negotiate and lower your property tax – falling real estate presents some advantage
Mike Moran
Jun. 25, 2007

It is a difficult time for all homeowners. The real estate prices are falling and will continue to fall for some time. After every bubble collapse, this happens. It is not easy to see the price of your home go down slowly and steadily.

But something interesting you can do to pay off the mortgage earlier than you anticipated before. Talk to your mortgage lien holder. Start negotiating a lower rate or some adjustment to pay off the mortgage earlier. Use an attorney if needed. The banks are scared too. They will deal with you and most likely make some adjustments. An attorney will advise you in the best way.

It is important that you realize as your property valuation went up in the last five years, your property tax also skyrocketed. As the valuation of your land and improvements (house) come down, you should also enjoy lower real estate tax. First try to grab the book from your State Taxation office that details the law of property taxation. Then meet the real estate tax assessor in your township or borough.

Try and convince your tax assessor to lower the tax on your property. If needed get your home appraised again. You can eventually take the help of the court for tax appeal.

Please remember, as a group of residents and citizens in your township, you can demand lower spending and hence lower taxes. Most of the money you as home taxes goes into maintaining public education – the school system. There are rooms for lower costs without lowering the standard of education.

The money you save from lower taxes and better mortgage will help you to pay off your mortgage faster. By the time you are well ahead of the mortgage curve, you will see home prices have bounced back.

Negotiate with your bank and lower your mortgage rates, negotiate and lower your property tax – falling real estate presents some advantage
Mike Moran
Try and convince your tax assessor to lower the tax on your property. If needed get your home appraised again. You can eventually take the help of the court for tax appeal.
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